Yesterday, Social Money debuted iWish, a product powered by GoalSaver, in India.
ICICI Bank, India’s largest private sector bank, now allows customers to publicly save for a goal using iWish, a product that has similar features as SmartyPig, one of Social Money’s consumer products.
One difference between iWish and SmartyPig, however, is that iWish offers an interest rate of 7.5% while SmartyPig offers 1%.
While ICICI is the first to offer a GoalSaver-powered product to its customers, there are many more FIs interested in the product, according to Scott McCormack, Social Money CEO.
To learn more about Social Money’s GoalSaver product, watch its FinovateSpring 2012 demo.
Next, Social Money
(formerly SmartyPig) demonstrated how its GoalSaver
platform can transform a bank’s social initiatives:
“By using the configurable GoalSaver program, any financial services company in the world may offer its customer base an innovative and attractive approach to saving – quickly and for a fraction of the cost of a new program.
The product helps any FI create a social strategy, increase customer engagement and retention, cross-sell other products, drive brand awareness, and gather valuable data on future spending. The system is available to any bank, in any language, using any currency, as a way to create a scalable and customizable application for goal savings. GoalSaver may also be leveraged by leading merchants (Christmas clubs and wish lists), and a host of other industries, such as prepaid or payment processing companies.”
Product Launched: May 2012
HQ Location: West Des Moines, IA
Company Founded: January 2007 (Formerly SmartyPig)
Introducing Mike Ferrari (Co-Founder) and Scott McCormack (CEO)
Des Moines-based Social Money, the creator of GoalSaver technology and owner of SmartyPig, announced a partnership with ICICI Bank in India yesterday.
The 2,700-branch bank will have access to Social Money’s GoalSaver product (pictured right). While the bank has not yet disclosed how it will use the product, Bank Innovation shares an inside scoop:
“Broadly, GoalSaver hopes to enliven checking accounts with social networking features and a better user interface. The product boasts a goal feature, for example, which lets a customer share his goal savings progress with his networks on Facebook and Twitter, if he wishes.”
ICICI Bank, located in 20 countries, plays a large role in Social Money’s international strategy. It will launch the product later this year.
To learn more about Social Money, come to FinovateSpring and watch its live demo. To learn more about SmartyPig, watch its FinovateFall 2010 demo.