Thinking about how a bank’s financial products could look like if it was built on saver-centric design. Saving is a goal oriented task: it’s all about reaching a certain target whether it is related to an eventual spend, ie saving for a car, or as an insurance for rainy days. In both cases you are always shooting for a specific number. And what would best match this behaviour is a fixed saving program built to help me and reward me for reaching my saving goal.

Imagine Wonga-like interface where the inputs are monthly payment and overall target, it tells me how long it’s going to take, and the account enforce that I pay the monthly amount or at least nudges me with notifications flows so it helps me get there. The bank is gaining this regular capital inflow and also this type of accounts should influence your credit rating based on regular payments.

Maybe as an option the saver could open time windows where it could withdraw from the account. This would be set at specific threshold and for an additional fee which lengthen the time it will take for me to reach my goal. The neat behavioural benefit is that it rewards me for my saving commitment and for keeping with it.

What do you think? Would you like to use this kind of accounts?