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Rhiannon commented on Growing Savings by Tapping into Individual Will Power

Hi Maddie,

Great question! We often hear about banks and financial institutions as being these horrible soulless corporations, but there must be some good in there too, right? :)

I think the best partners would be local banks and credit unions. I think people see these as more "human" than national banks and in turn, find them to be more trustworthy. In turn, I feel as if local banks/CUs are more apt to want to get involved in this sort of program to support and strengthen their local communities.

In addition, it might be helpful for there to be specific people (coaches, perhaps?) perhaps assigned to each participant so they really feel a connection with the program that goes further than just being a customer. These coaches could help keep the participants on track to achieve their goals by providing guidance and support.

Thanks for your question. I hadn’t really thought about that particular concern and I think it’s a really valid point that would need to be addressed if this idea progresses.

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Rhiannon commented on Growing Savings by Tapping into Individual Will Power

Hi Kristiaan,

Thank you for your response. That is so cool that you are working on something similar at the moment. I hope it ends up being a successful endeavor!

Your mention of retirement is noteworthy with it being such significant concern at the moment. I know a lot of us are concerned about retirement at age 65 or so even being a viable option, and I am in a decent paying job and contributing to a retirement account. I can only imagine the concern held by those who are struggling to save anything at all. The current retirement savings system in place is desperate for an overhaul and hopefully programs like these (and others on OpenIDEO) can help pave the way to a more effective system.

You brought up a great point about incentivizing banks or investors to want to implement this type of program. That will really be the key in making it a success all around. One benefit it should ideally provide is a new customer base that will continue to use their services for years to come. Also, the positive recognition and PR that should be received as a result of implementing this program would be beneficial to the providers as well. Your additional questions about the target market and timing/logistics of the program will have to be determined using research about who this would most benefit and how it could be executed to be as effective in its goal as possible.

Thanks again for your insight!

Rhiannon

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Rhiannon commented on Growing Savings by Tapping into Individual Will Power

Constantin,

Thanks for your response! You bring up some great questions that will definitely need to be addressed if this idea moves forward. There should probably be restrictions on who can participate and limits on the incentives. I think your idea about handling cases on an individual basis is a good one. It would probably make the most sense to divide the program into segments (i.e. first time savers, current struggling savers, etc.) and create a strategic program for each of those segments. This would require doing some market research on the individuals within each segment.

I also think that your additional suggestion of expanding the program to help current customers save is a great one. I see that as something that could happen after the initial program has proven itself successful.