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Interest-Driven Savings

Helping customers to save towards tangible goals

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

This feature is designed for those are 50 and older, and will support their dreams and obligations by helping them to practice good saving habits while at the same time giving them the freedom to indulge in their personal interests and hobbies.

Our team began with focusing on personalizing the banking experience. We found these themes relevant to our problem and prevalent in our research:

  1. Saving: Many people in this age group still haven’t established ideal saving habits because goals might feel too distant.
  2. Trust: People feel like financial institutions may be irresponsible with their money. Customers want reassurance from the banks that they have their best interests in mind.
  3. Purpose Over Profit: In a time when this age group has so many financial obligations and are caring for both their parents and adult children, their dreams may not feel as important or relevant. 

Our product will help customers save towards specific goals, and to receive tangible rewards.  The program would begin by asking about activities that the customer is interested in. From here, they would be offered several items and/or services (i.e. a kayak, cooking classes, a vacation package, etc.) from which they would be able to select and work towards obtaining. Banks will partner with brands (as most already do) to provide discounted items. The distinguishing factor is that this program focuses on the customer deliberately putting aside money for a particular item or service, rather than getting rewards simply by using their cards and getting "points." Customers will choose a reward that they want to save towards, and their progress in saving will be visualized for them.

There are three tiers of gains from this program:

  1. Customers slowly work towards a goal and because they are deliberately putting money aside, which creates healthy saving habits.
  2. This program creates a sense of loyalty from customers, which helps them to feel more comfortable making financial decisions within the bank.
  3. Customers are able to reward themselves; they are invested in saving for their chosen item/service, which is intrinsically motivating.  They feel validated for obtaining the item/service in question at a discounted price.

This program overall helps people to save while being rewarded in a way that is personalized towards them, creates more credibility within the banks and also promotes brand loyalty.

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

We can put our sketches and wireframes in front of target users and ask for their first impressions, along with more specific questions about how they might interact with such a service.

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

Any information on existing rewards programs within financial institutions would be helpful, specifically how these programs are used by a 50+ audience. Also any advice on what categories of items and services might be most meaningful or compelling for our target audience would be appreciated!

Tell us about your work experience:

Brian, Angela, Sam, Flora and I are graduate students at the NYU Tandon School of Engineering.

This idea emerged from

  • A group brainstorm
  • A student collaboration


Join the conversation:

Photo of Kate Rushton

Hi Amanda!

I hope you had a nice weekend!

There are two ideas submitted for a previous challenge on financial empowerment that might interest you:

Hector Jaime -
OpenIDEO Meetup Chicago -

I can see potential links to this idea. 

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