First UK high street bank to jump into the world of mobile savings goals. - 11FS
Yesterday we saw Nationwide launch a new Savings Goal feature within its mobile banking app. It takes a different approach to savings, prompting customers to set a goal of the total amount of their savings account at a particular date.
Conclusion: Can a bank PLEASE combine these two features into an app?! The personalisation and analysis completed by Monzo when setting the goals makes it so easy to set these up. The ability to see how small changes over a week or month in the new Nationwide feature add up really encourages behavioural change (I am already planning how I can cut down my smashed avocado on sourdough intake!). While Nationwide’s new feature isn’t perfect, it does have a stickiness. It’s definitely a step in the right direction and other banks should take note.