Oval Money, the automated savings platform, has enabled users to double their monthly savings by tapping into their social media habits. The average UK user was putting away just £63 per month on the platform when it launched 12 months ago. In just a year, the figure has leapt to £130, equivalent to an annual jump from £756 to £1,560.
The firm has attributed the increase in part to users linking the app with their Facebook activity, so they made automated savings every time they posted. Oval Money is now looking into offering integrations with other social media, including Twitter. In addition to its link to social media, Oval said it had also used machine-learning to encourage more saving.
The platform uses the tech to review the spending habits of its users, identifying on a month-by-month basis how much they are able to save. When a user’s financial obligations change, it suggests different saving rules called STEPS that automatically adjust to spending patterns, ensuring that people never feel the pinch, and continue to save.
Together with major advances in the machine learning element of the platform, which runin the background, the app powers a personalised and curated savings experience.
Benedetta Arese Lucini, co-founder of Oval Money, said: “Putting a little away each month is hard to remember and often not front of mind for today’s workforce. This is why encouraging people into ‘social saving’, which brings their online sharing habits into step with a new savings culture, really works.
“We also know that so many of us are in flexible employment with variable monthly incomes, so saving a rigid amount each month is archaic and outdated, and can easily leave people out of pocket as they renege on earlier financial commitments.”
The FCA-authorised company also allows people to save in two further ways: roundups that save spare change from transactions and automatic savings deposits. More API integrations will be launched on the platform soon to ensure that users continue to be engaged by the prospect of saving, making sure that it fits into their normal behaviour and lifestyle.