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New mobile banking app feature that allows members to save on impulse while providing prompts, immediate positive feedback, and education.

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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 Impulse Savings Button will encourage individuals to save on impulse and will be useful for credit union members of all ages, but particularly so for individuals over the age of 50 that have little to no retirement savings. The Impulse Savings Button will provide a simple means to start saving along with immediate positive feedback, prompts, rewards, and an opportunity to push appropriate targeted financial education through the credit union's mobile application in a timely manner.


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.   

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

The early prototypes will integrate existing technology with front of mobile phone awareness. Push notifications will remind members to save when deposits are available. I will work with our internet banking provider ALKAMI Technologies to add the Impulse Savings Button to our Internet Banking and Mobile Banking applications to work with their existing Quick Transfer and Savings Goals functionality. We will then promote to all members age 50 plus and measure the increase in savings rates.

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

It would be most helpful to know what types of immediate rewards users of the Impulse Savings Button would likely find most gratifying? What next steps should be considered for individuals who successfully achieve a savings goal and for those who struggle to achieve measurable savings? At what savings levels would it be appropriate to push more advanced retirement savings education material. Details on any similar products or applications that either failed or were deemed successful.

Tell us about your work experience:

I have worked in many areas of credit unions including lending, operations, and product management.

Please check all that apply:

  • I'm a credit union employee

This idea emerged from

  • An Individual

Attachments (1)

EPI - The State of American Retirement.png

Chart from the Economic Policy Institute depicting the extremely low median savings levels for individuals over the age of 50.


Join the conversation:

Photo of Joost Schouten

Hi Jim, i couldn't ask you for your comments on my submission "save 2 save" as there are many Jims :) My idea is that you use offers to save the difference between full price and offer price. I would like your thoughts on whether they could be seen as "prompt" for your impulse savings button? if so how you could see it work? In my mind there are a few connected areas, where an ecosystem of apps which can talk to each other really helps.

- visualization of financial situation, possibly against aspired lifestyle and visualization of spending habits
- encouragement to save more for retirement;
* impusle saving button
* save to save offers
- Increase return on savings;
managed savings account by co-op, with 3 basic risk profiles, to collect the savings into an investment account rather than a savings account.

i would really appreciate your thoughts and if you could take the time to review my post i would be very grateful. Especially if you believe it could be linked to your idea as one of the prompts to save?

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