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Save to Save (Update 18-01-2017! focus on increasing savings feature)

Share saving offers with your community and invest these savings in collectively (Co-op) managed funds in individual accounts.

Photo of Joost Schouten

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Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

The idea is for all 50 and over. The key is to visualize the current lifestyle spend against aspired lifestyle. The idea is to encourage communities to share and recommend available savings, where those savings are then collected in their personal, yet collective pension plans. It is inspired by applications like moneybox, however the angle is more community based and increases the savings, rather than collecting the change.

Save to Save

User Journey; how to create and use an offer through the App

"Sharon wants to increase her savings to live a similar lifestyle in retirement as she currently enjoys

Sharon struggles at times to be disciplined enough to put the required spending in an investment account.

She also has always been active for her community, and is happy to put in some effort to not only help herself, but also others like her.

She finds that saving coupons and other discounts typically just make her more relaxed about her spending and she may overspend.

If only she could get offers which force her to save more!  And what can she do to help others?"

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ok, lets follow Sharon into her favourite coffeeshop where she meets Ben

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Now we follow the interaction between Sharon and Ben on her phone, she simply opens the app on her mobile and is guided through the process

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The estimated value is important here as it eventually the amount which will get deposited in the savings account when you avail of the offer. AT this stage, i imagine that someone from Save 2 Save would verify the offer with the proprietor. Ideally this is automatically generated and send to the proprietor.

Lets step forward  2 weeks, Save to Save has verified the offer and added it on the app!

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the voucher code generation is a simple idea for control purposes, and for the app to get the saving deposited, before the purchase is completed. Without the deposit, you don't get a voucher code and the offer is not valid. Of course there could be other ways to do this.

Lets also circle back to Ben to see what he thinks!

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Exclusives

I could imagine that co-op/ save to save would recruit exclusive non competing offers from larger service providers. For example, it would be possible to recruit a national airline carrier. Write a tender for what % discount they would offer for app users. The one who provides best value could be selected. Not participating in  the tender risks the service provider to lose market share among the most affluent demographic. Or perhaps another example is Starbucks vs McCafe... Save to Save would provide the exclusivity for a contract duration, with the exemption of small merchants (such as Ben, who has one coffee shop). After all, we would still want the Save To Saver to be active in recruiting local small deals!


Overall Save to Save would help with the following aspects, all geared towards better attainment of retirement goals!

Provide Clarity on Aspired Lifestyle Costs

Save to Save visualizes your current spending against your aspired lifestyle. By categorizing your current budget, spending as well as aspired budget, you can visualize whether your aspired lifestyle-spend deviates a lot from your current spending as well as budgeted spending. This in itself is a powerful  notion and possibly worth a product on its own.

Realize Financial Objective

Save to Save helps reach your retirement objectives in the following ways:

  • Reduce current spending by encouraging to use offers
  • Reduce the cost of future lifestyle by creating saving habits
  • Increase savings as a result of using the offers being deposited in an investment  account
  • Increase returns on savings by balanced investment scheme


How to encourage saving

Advertisers would create offers which only work through the app. Therefore to avail of an offer, you would have to save the saving to your investment account.

Reduce Lifestyle Cost

By promoting the use of offers for your existing lifestyle, the cost of it is reduced. This creates habits which in turn will decrease the cost of the aspired lifestyle if these habits are sustained.

Increase Return

The realized savings are pooled into balanced investment portfolios. As the lifespan increases the 50+ individual’s greatest investment risk is not making the investment return required to sustain an  aspired lifestyle. No longer is an investment horizon for a 50-plusser short term. Making additional savings straight into an investment account will increase the long term return.

Community Approach

Community members can recruit the offer in the app and share with their communities. It requires some effort on the individual which in turn is rewarding especially knowing that your peers are benefiting from this. 


Comparison to what is in the market

It is probably possible to re-create the above idea using a complex set up of apps and institutions. It is however not convenient and not community based. The above idea is to draw on the strong sense of community which exists in this demographic and builds on that trust. It will help get people over the hump to use technology of it is fun, socially connected and easy to use and visualize

What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

could try a half offline half online version of the idea. There are apps which allow sharing of discount vouchers. An experiment could try to encourage people to share discount vouchers. However most of these vouchers are for non essential spending whereas the biggest benefit comes from saving on fixed spending, rather than discretionary spending. I could also simply discuss the idea with the target group and receive feedback.

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

First of all, feedback on the idea, is it different enough? Is it simple enough? Can someone help with visualization of savings versus aspired lifestyle spending? what are meaningful buckets? is it possible to gather the data to bucket the spending? If not, what would it take to make it possible?

Tell us about your work experience:

Currently work in Asset Management (data) with a focus on process improvement. Always try to views things from a new perspective. I have designed our own home which we are starting to build early next year (shipping container home!). Furthermore, general interest in social economics

This idea emerged from

  • An Individual

How would you describe this idea while in an elevator with someone?

The app connects current spending to an aspired lifestyle by visualizing in meaningful buckets. It encourages you to save now in order to achieve the aspired lifestyle. By doing so it also makes the aspired lifestyle cheaper as you build habits of saving; finally, the user creates the digital saving and shares with their community, which increases connectivity and makes saving even more meaningful

How might your idea be transferable to a large number of people?

The app has no scale restrictions. However as a user you may want to not be burdened with many irrelevant offers. Therefore you could restrict who you want to share with, or alternatively who you want to receive offers from (twitter like). You may kind of build a following or be a trusted saver!

How do you plan to measure the impact of your idea?

The measure ultimately is whether someone deposits more in their saving account than they otherwise would. The app itself would collect savings and invest in a personal account in a shared fund (moneybox like) and therefore you can easily see how much is saved versus what the target is.

What are your immediate next steps after the challenge?

i actually do not have all the relevant skills, bandwidth or experience to create such an app. I am looking forward to involvement from other IDEO members to help this idea move forward.

20 comments

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Spam
Photo of Kate Rushton
Team

Hi Joost,

Are you able to edit your post now?

Take care,

Kate

Spam
Photo of Joost Schouten
Team

Hi Kate, the button is there! i will update my description today. Many thanks for your help

Spam
Photo of Andres Felipe Vera Ramirez
Team

Fellow Joost 

The idea of comparing the current lifestyle spend against aspired lifestyle is very powerful (in my country Private Pension funds are doing something similar). An app might work, and the prototype could help you narrow the idea because the +50 is very diverse group (for instance, take a look at something called Silver Surfers)

Since this concepts of current and aspired lifestyle can be abstract, I would recommend you to always keep in mind a vision, taking into account that the idea is finding "financial services that support the dreams and obligations of those 50 and older". As I said, this concepts are abstract and you can get tons of data, full of commercial possibilities, but in this context one thing that can be as useful to you as have been for my is the Theory of the Job To Be Done: https://hbr.org/2016/09/know-your-customers-jobs-to-be-done (I'm now reading the book Competing Against Luck, from Clayton Christensen)

Go out and prototype! ... have fun!

Spam
Photo of Kate Rushton
Team

Hi Joost!

I hope you are having a good weekend.

We have got two weeks of the challenge left. What part of the app could you prototype and get feedback on? There is a great example of testing one part of the user journey in this idea - https://challenges.openideo.com/challenge/financial-empowerment-challenge/final-feedback/a-better-finance-app-can-present-information-when-it-s-contextually-relevant-and-help-users-build-personalized-incentives

Spam
Photo of Kate Rushton
Team

Hi Joost!

Great to hear from you and Happy Belated Birthday.

There is bound to be some overlap with other ideas and previous ideas. I would not worry too much about this.

I would recommend asking for as much feedback as possible on your idea especially from the target customers. The usual way is to tag people using the @ symbol. You can also add anyone to your team and they can choose to accept or reject the suggestion. The focus of OpenIDEO is on open collaboration and most people are quite open to this.

(If you are not sure if you have the right Jim or the right Andres, just tag me and I can tag them or tag their idea).

Can you post a link to the pictures on Andres idea? I sometimes use Twitter for this and post a link to the 'Tweet' with the image attached. Or, maybe you could post a message telling them you have a relevant picture, can we share a private message.

Lastly, with regards to feedback this article might help - https://www.thebalance.com/unbiased-business-idea-feedback-1201040

p.s. I like helping newbies out. I once was a newbie.

Spam
Photo of Joost Schouten
Team

Hi Kate, i wanted to update the idea, however there is no edit button available. is it still open for edits? sorry to ask you, just dont know where else to ask :) hope you are having a great weekend!

Spam
Photo of Kate Rushton
Team

Hi Joost,

There should be an edit contribution button at the top of your post. Is it there?

I am also going to contact the IT department to see if there are any issues.

I hope you are having a good weekend too.

Spam
Photo of Kate Rushton
Team

Hi Joost,

You are the second person to mention this so I am going to see what I can do this evening. If you want me to try and add an attachment to your idea, please send me an email - krushton@ideo.com

Spam
Photo of Joost Schouten
Team

Hi Kate, the button isnt there. I also checked other challenges to make sure i can locate it and for other challenges it is still there. I will wait till tomorrow other wise will email you. thank you for your help!

Spam
Photo of carlos errando vidal
Team

It's a interesting concept but I don't really understand the point of sharing your personal financial health towards a community with only a status reward system. The contrast between your aspired lifestyle and your current status looks very effective though.

Spam
Photo of Joost Schouten
Team

Hi carlos errando vidal , thank you for sharing your thoughts with me. To clarify the app would not share your financial health at all with other uses, it is for personal use. You could share with the community whether you are meeting targets or not without revealing your financial health at all. Due to translating your savings prowess to points on a normalized scale. therefore all you reveal if you opt in is whether you are good at saving through this one app. The competition element was one to encourage people to find savings, and share the saving opportunities. The "super saver" comment was a little tongue in cheek as well. Real rewards could come from the provider of investment services, as they stand to benefit from more "deposits" therefore they have an incentive to encourage people to share more saving opportunities. I am currently thinking that i should focus the app on the sharing of savings opportunity. What do you think of that? as my app suggestion is doing a lot... thanks again!

Spam
Photo of Kate Rushton
Team

Hi Joost!

Happy New Year!

I just want to be 100% sure I have understood your question. Do you want to know if you should simplify your idea so that it covers just one element or suggest an ecosystem of apps that covers all the ideas submitted by all the contests?

I would recommend getting feedback on your idea and prototyping one element of the user journey (the part that has a higher priority score e.g. https://d3gxp3iknbs7bs.cloudfront.net/attachments/92e5a7d9-7358-4037-a709-4839d8d5258f.pdf)

This is the Refinement Phase Toolkit: http://ideo.pn/2du9sf7

I really like the fact that your app is really clear and easy to understand. It is very intuitive. If I was using your app, could I select to receive offers from some ‘buckets’ e.g. ‘travel’ and not others e.g. household items.

I have found this website that might be helpful for getting feedback - https://www.thebalance.com/unbiased-business-idea-feedback-1201040. Another option is to ask the OpenIDEO chapters e.g. https://beta.openideo.com/chapters .

There is a finalist idea from a previous financial challenge that it be might be worth you looking at - https://challenges.openideo.com/challenge/financial-empowerment-challenge/impact/communities-are-catalyzed-by-ideas-and-collaboration

Please feel free to ask me any questions.

Spam
Photo of Kate Rushton
Team

Hi Joost!

I look forward to seeing how your idea develops in the refinement phase.

Would you consider uploading a cover photo? You should be able to use the Edit Contribution button on the top of your post and follow the instructions to add images from there. Looking forward to seeing more of your inspiring insights on OpenIDEO.

Spam
Photo of Joost Schouten
Team

Hi Kate, i will update shortly. I have however also a more general observation regarding this challenge and i am not sure how best to communicate this thought. It appeared to me that a lot of ideas have related concepts. However, how would one group solutions in themes other than the challenge themes? In my mind my own idea touches upon the following elements:

- Visualize (current) financial status
- Encourage saving
- Reduce spending
- Invest through a communal vehicle

my idea is perhaps doing too much as it addresses all of the above. However if there was a connected eco system of apps, which could work together than the best of ideas from many contributors could find a place in one of the above buckets. as long as the apps speak to each other. for example the impuls save button by Jim. It could achieve my savings idea, if the coupons merely act as encouragement to save, and you use Jim's button. Then lifestyle spend, savings and future spending visualization coul dbe a completely separate app/ topic. however would work with the adhoc savings inputs. etc... i dont know another way to address this questio0n, would appreciate your thoughts!

Spam
Photo of Kate Rushton
Team

Hi Joost!

What sort of offers do you think this age range would want?

Spam
Photo of Joost Schouten
Team

Hi Kate,
the idea is that the offers follow the same categorization as that of the life style visualization. Therefore offers are related to aspired lifestyle which makes it more attractive as you can directly picture the benefit of the offer. It also means it is really broad; from going out for dinner, coffee, groceries to entertainment and travel. I believe it is more the process which is valuable, making saving a habit and fun, whilst feeling you help your community (by taking the effort to create the offer (in digital form) and share!

Spam
Photo of Kate Rushton
Team

Hi Joost!

Thank you for posting your idea. It is great to have you on board with the challenge. 

Would it be possible for you to upload a diagram to explain how your idea would work? I understand the components but I am not 100% sure on the entire 'package' if that makes sense. Also, what functions would be a priority for your idea?

I would recommend that you check out some of the ideas submitted in the ideas phase:

Share & Save - https://challenges.openideo.com/challenge/financial-longevity/ideas/share-save by Mahboob Rahman 
A Community-Based Approach to Financial Decision-Making - https://challenges.openideo.com/challenge/financial-longevity/ideas/a-community-based-approach-to-financial-decision-making/ by Naman Mandhan 
AMBITION - https://challenges.openideo.com/challenge/financial-longevity/ideas/how-can-budgeting-strategies-create-a-balance-between-dreams-and-obligations by Ozgecan Aydin 
There could be potential for shared learning/collaboration. 

Is there any chance you could find an image to go along with your post? Images help grab attention and tell a story. You should be able to use the Edit Contribution button on the top of your post and follow the instructions to add images from there. Looking forward to seeing more of your inspiring insights on OpenIDEO.

Spam
Photo of Joost Schouten
Team

Thanks Kate, added a few illustrations. Its very basic still. Really appreciate your comments and guidance! Hope the illustrations help somewhat. The biggest design challenge is how you can self create offers easily which then can be used by others. 

Spam
Photo of Kate Rushton
Team

Hi Joost!

Thank you for uploading the illustrations. Could you also upload a cover image for your idea?

Images help grab attention and tell a story. You should be able to use the Edit Contribution button on the top of your post and follow the instructions to add images from there. Looking forward to seeing more of your inspiring insights on OpenIDEO.

Spam
Photo of Shane Zhao
Team

Thanks for the post Joost! We'd love it if you can find an image to go along with your post. Images help grab attention and tell a story. You should be able to use the Edit Contribution button on the top of your post and follow the instructions to add images from there. Looking forward to seeing more of your inspiring insights on OpenIDEO.