How they describe themselves: SaveUp is the first free nationwide rewards program that encourages people to save money and pay down debt. Americans who bank at over 19,000 US financial institutions can sign up, register financial accounts, and begin earning SaveUp credits for their good financial actions. Users redeem credits for chances to win prizes like vacations, cars, and cash up to $2 million, which are sponsored by top brands including Virgin America, Banana Republic, and TurboTax. Through a fun and simple approach that employs game mechanics, SaveUp reinforces daily habits that help Americans positively engage with their financial progress. Engagement on SaveUp has been very strong with 30% DAU and 80% MAU for customers with linked accounts. In 120 days since launching, over $29 million in deposits to savings and $25 million in debt payments have been made on SaveUp. The technology is powered by Intuit Intelligent Data Services and SaveUp technology is patent pending.
How they describe their product/innovation: Using innovative game mechanics, SaveUp encourages financial success for its users with positive suggestions and better financial product offerings. Financial institutions and financial content providers can use SaveUp as a customer acquisition channel and as a way to educate potential customers about product offerings. Our demo showcases the customized version of SaveUp that financial institutions can use to:
- Engage with existing customers
- Provide a custom set of prizes and rewards for their depositors
- Feature customized educational content
- Relevantly cross-sell their own products and services
- Understand their customer base
Currently, twenty financial institutions are participating in a pilot program to promote the customized version of SaveUp to their customers. They include Bank of the West, Plastyc, Upside Visa Prepaid Card, and Eli Lilly Credit Union.