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Nationwide’s mobile app creates saving spree

4th August 2014 Print

New features on Nationwide Building Society’s top rated mobile banking app are enabling customers to manage their money and save the pounds.
On 4 June 2014, the Society unveiled an updated version of its mobile app, introducing two new innovative features: Quick Balance and Impulse Saver. These opt-in features allow customers to manage their money in a faster, easier and more engaging way.
Nationwide’s unique Impulse Saver, allows customers to transfer pre-configured amounts from their current account(s) to their savings account(s) with a couple of taps, without logging in, encouraging customers to regularly save small amounts. Since the launch two months ago, more than £1.6 million has been saved through swiping Nationwide’s Impulse Saver.
The Impulse Saver has revealed some interesting insights into the culture of savings through technology:

The average amount saved through Impulse Saver is £25.18 per click
Friday is the most popular day of the week for using Impulse Saver
People are 25% more likely to use Impulse Saver on a Friday
They save approximately 60% more on Fridays than the average
People are most likely to use Impulse Saver between 6am and 7am
Quick Balance allows customers to see their account balance at a glance without logging in, helping members keep on top of their finances anytime, anywhere and at the swipe of a button. The Quick Balance button on the app has been used almost five million times since the launch on 4 June.
Chris Rhodes, Nationwide’s Executive Director, Group Retail, commented: “With new features such as Impulse Saver and Quick Balance, Nationwide is making it easier than ever before to manage money on the go. Impulse Saver gives customers the opportunity to resist the temptation of a coffee and a croissant, for example, and save instead of spending money on a whim. In the longer term, it could make the savings habit easier to acquire and have a significant impact on people’s finances.
“These new features are the latest in a long line of innovations that Nationwide has announced, including the digital wallet, remote advice service Nationwide Now and the Nationwide Homebuyer app, as a response to customer feedback and in-depth research. Our aim is to ensure that we continue to deliver new, effective and innovative ways for our members to make the most of their money.”
Nationwide already sees a quarter of a billion interactions on digital channels each year, more than half of which are from mobile devices, and it is looking to expand its suite of apps later this year.