Saving With Serve

We have an exciting opportunity to help Serve customers save. To develop a vision for an interest bearing savings MVP, we took a user-centered approach to address the needs of the user, the business, and the platform. Although we may not proceed with the interest component of the concept, this page briefly describes a concept rooted in strong behavioral insights that would help our customers grow their money over time.

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Savings Program Features

Our insights from research uncovered 2 distinct groups of savings behaviors- cautious adopters and active savers. The features of the savings program help both groups to develop positive savings habits while allowing the flexibility to stay within the user’s comfort zone.

Milestones

Helping users save in small understandable amounts to help users achieve long term financial health through cash accumulation.

Spend-To-Save

Frames “Spending as Savings” by transferring a small, user-defined amount from the Main Account to Savings upon every purchase.

Text-To-Save

Helps users save impulsively by allowing them to text Serve to transfer money from their Main Account to Savings.

Mobile App

Smartphone users can use the Serve App to have full access to their savings program on the go.

View Mobile Screens

View UI Document

Prototypes

Onboarding Flow

Quickly set a milestone and recurring transfer to kickstart a savings account.

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Milestone Flow

Monitor your savings progress as you reach a milestone and set another.

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Unexpected Events Flow

See how Serve can reassure and guide users when they take money from their savings.

View Prototype

Feature Insights

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    Savings Tools

    Providing different ways to save empowers users to tailor the savings program to fit their own needs.

    “(On Spend-To-Save) This would encourage me to use the card more to save more. This feels good. I wish I thought of this” – William“

    (On Text-To-Save) Sometimes I see a commercial that makes me think I want to save. I would use it.” - Ana     Close
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    Reinforcing Good Savings Habits

    People don’t feel like saving is for them unless they are incontrol of their spending.

    “I really don’t have enough money to save right now.”-Carlos

    “That’s beautiful (on seeing how savings tools accumulate money over time)” - William Close
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    Unexpected Expenses

    People accept that unexpected events will happen and savings is the first place they go to pay for them.

    Users deposit an average of $600 into their Reserve Account. Despite naming it “Savings”,the average account balance is $60. - CFPB Amex Serve savings Discussion

    “My fridge broke and it cost me $700. It took me months to recover from this because other bills were not being paid. - Marc     Close
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    Course Correction

    People were open to guidance and were excited to have a plan after they took money out of their savings. The tone should be positive and non-prescriptive.

    “It’s like, you spent some money but it’s cool. They’re like ‘we got you’, I like that. ” – Fanesha

    “Tell me how far back I am now, then tell me how to get back to that old goal.” – Nicole     Close
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    Celebrating Small Wins

    People do not save with a particular goal, plan, or strategy. Celebrating small incremental steps encourages cash accumulation.

    “30% of respondents could not identify one savings goal they currently have” - Serve Next Research

    “Make people feel more powerful and they’ll save more money.” – Encourage Savings With Power : Stanford School of Business     Close
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How Savings Fits In

Savings functions as a set of tools that would complement existing spending and budgeting features on Serve. With the addition of savings on the platform, Serve positions itself closer to becoming a true banking alternative by cultivating and supporting habits that result in financial health.

Spend

Providing users access to money for spending, writing checks or transferring funds.

Budget

Providing users an easy way to set aside money to budget for large purchases, vacations, or paying bills

Save

Providing users a way to accumulate cash in savings by developing good savings behavior.



Platform Snapshot (Dec. 2014)

Process Overview

Before designing the savings account, we implemented the Enterprise Challenge process to define a MVP strategy for the role of interest-bearing savings in the overall service. Our first step was to define our challenge statement to guide us through the vision process.

Vision

Challenge Statement: How might we achieve net account balance growth, month over month, within the 1st year for 100% of Interest Bearing Accounts?



Process Book

Design

Create a savings feature that supports the financial health of our users and complements existing budgeting tools.



Process Book



Want to learn more?

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