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InVision DesignThinkingHandbook 23

The document discusses a program launched in 2005 where banks would round up debit card purchases and transfer the excess to savings accounts, and also match savings amounts, helping many customers save over $2 billion total; the program became very popular with those who had trouble saving and others.

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Mohamed Ahmed Rammadan
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18 views1 page

InVision DesignThinkingHandbook 23

The document discusses a program launched in 2005 where banks would round up debit card purchases and transfer the excess to savings accounts, and also match savings amounts, helping many customers save over $2 billion total; the program became very popular with those who had trouble saving and others.

Uploaded by

Mohamed Ahmed Rammadan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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synthesized their observations, they began to notice some

interesting patterns.

Often, mothers were in charge of the finances. This was during

the early 2000s, before online banking and mobile devices

had more or less replaced the idea of a balanced checkbook.

Some moms had a practice of rounding up the number in their

checkbooks; this made addition easier, but it also gave a small

buffer in spending.

Armed with this insight and the knowledge that many of these

families had difficulty saving what money they had, IDEO

came up with a service idea. People could enroll in a savings

account that would round up purchases made with debit cards.

Then, the overage would be transferred to a savings account

automatically. In addition, the bank would match the money

transferred to savings to a certain dollar amount.

As you might imagine, this program became very popular—and

not only with people who had trouble saving money. Ever since

the program launched in September of 2005, more than 12.3

million customers have enrolled, saving a total of more than 2

billion dollars. Of all new customers, 60% enroll in the program.

When we interviewed Faith Tucker, the former Senior Vice

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