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Savings accounts need an overhaul: How banks can increase our saving rates


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Presentation by Common Cents Lab, a part of Duke University's Center for Advanced Hindsight

Published in: Business
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Savings accounts need an overhaul: How banks can increase our saving rates

  1. 1. Idealistic vision for short term savings at banks Link to written overview
  2. 2. America has a saving problem. We don’t save.
  3. 3. Banks could do moreto help usSAVE
  4. 4. Banks could do moreto help us SAVE
  5. 5. Wantto transferto savings? It’s hidden under themenus 1
  6. 6. Need to figureout how muchto save to reach your goals? You’re on your own Mostbankshave anemptytextfield 2
  7. 7. Wantto timeyour automatic saving transfers with your income? It’s possible at some banks. Butcomplex. 3 Banks provide options, but none promise to only withdraw when you get paid.
  8. 8. Want avoid overdrafting if one monthyou don’t have enough? Too Bad. You’ll likely getcharged. 4 You’ll charge me for transferring between accounts?
  9. 9. What could the experience look like?
  10. 10. Easy Certain Motivating
  11. 11. Easy Certain Motivating Prompt meto save for future Giveme recommended saving buckets
  12. 12. Easy Certain Motivating Align withdraws with my income Don’t let meoverdraft
  13. 13. Easy Certain Motivating Help meset achievable milestones Trackmyprogress
  14. 14. Proactive nudgesto prompt saving
  15. 15. Accounts thatalignwith your own mentalmoney accounts
  16. 16. Motivating copy, focused on earning money for the futurevs. saving it.
  17. 17. Clear benefitsthataddress barriers to automatic savings
  18. 18. Calls to action thathelp you understandtradeoffs.
  19. 19. Protections thatensure they’ll only take moneywhenyou have money
  20. 20. A priority based saving strategy focused on startingwith one goal
  21. 21. Recommendationson whatgoal to start with
  22. 22. Simplechoices thatalign withyour current saving anchors (round numbers).
  23. 23. Recommendationson how muchto save
  24. 24. Percentage based anchors to helppeople withincome volatility avoid overdrafting
  25. 25. A push to start. Tomorrow is always a better day to start
  26. 26. Feedback on whenyou’ll reach your goal
  27. 27. Feedback on whenyou’ll reach your goal
  28. 28. Automaticrollover to the nextgoal whenyou finishyour first one
  29. 29. Badges and levels that measure you on theact of savings vs. how much you deposit.
  30. 30. Thanksfor helpingme save!
  31. 31. Thanksfor helpingme save!
  32. 32. Thanksfor helpingme SAVE!
  33. 33. FUTURE EXPERIMENT OPPORTUNITIES  What happens when we help people save in %’s vs $ amounts? They may save more, but will they keep it in there?  Will people reach their goal faster if we provide a maximum amount that can be saved, vs. a round number target?  Is ease and certainty enough to increase adoption of automatic transfers?