IMPULSE SAVINGS BUTTON
Make saving money as easy as it is to spend it.
The idea is to create a simple button connected to a credit union's mobile banking application that makes savings as easy as hitting a button. Members will be able to preset the amount of impulse savings from as little as $5 to as much as they desire. The Impulse Savings Button will work in conjunction with a Credit Union's existing Goal Savings accounts to track the accumulation of savings and provide immediate positive feedback, encouragement, and rewards. Push notifications will be set for paydays and other times when deposits are received in the member's checking account. There are existing smartphone apps such as "ImpulseSave" and impulse savings features on banking apps like Moven that can perform a similar function. However, the integration of an Impulse Savings Button with a credit union's native mobile application will allow for increased levels of support, encouragement, and financial education. The impact of linking this simple idea with the traditional strengths of a credit union will help members of all ages achieve long term financial success, and will be especially beneficial to those nearing retirement.