Revolut launches spare change savings tool

Sounds like nice feature , but really has consumeri sm come down to such  a level that you need a third party too put aside change from your regular purchases to make people "start saving and investing towards their future" ?

Or is just the digitisation of the old fashioned piggy banks where one use to drop spare change  in it and not worry about carrying a heavy wallet.

Either way I dont understand which customer segment is asking for these features. May bE its the Millennial thing!!!!

It's not compulsory!

added options are great - some do this already into their kids piggy bank so when they reach 16 is worthwile - may variations.

JB

I'm very gung-ho about this feature. I think it was Acorn that first introduced it. As a marketing professional, I see a lot more than a feature in this - I see a promising way to change consumer behavior for the consumer's own good.

Regular PFM / MoMMA app tells consumers to avoid that $5.00 expense. Nobody likes budgeting. This approach hasn't worked. Revolut / Acorn are trying to achieve fiscal discipline in a positive way: "It's your money; spend all you want; just remember, your total outflow is more than what you spend; so be careful what you spend". I expect this approach to work much better. I remember reading that Acorn has already entered the "league table of fintechs to watch out for".

I can't believe this is the top story.  The competition have been doing this for months!  Is there some connection between Finextra and Revolut?

good point. loads of noise but little is new. watch out for behaviour harvesting like facebook.

No connection at all between Finextra and Revolut. It's a top story because it garnered the most page views on the day. We're just reflecting the interests of our readership

Oh LOL. In marketing, it's quite common to come across big differences between what consumers say they'd do (e.g. switch account to a neobank) and what consumers actually do (e.g. stay with their traditional bank). I didn't think I'd see that disconnect on Finextra e.g. claim a story to be boring versus bestow that story with the most pageviews!