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Getting people to make short term sacrifices for long-term gain is one of the central challenges of any transformational behavior change. Nowhere is this more evident than in finance and healthcare -- and SaveUp is leading the charge. Hear Priya Haji discuss the ups, downs and hard-fought lessons of crafting engagement around tough subjects in this fast-paced discussion.
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Short Term Engagement,Long Term Gain:Financial Gamification with SaveUp
SaveUp:the first rewards program that rewards good financial actions with the opportunity to win big prizes and small rewards
Prize Linked Savings
Behavioral economicsSkewed rewards
Professor Tufano
Savings, 401(k), IRACredit cards, car loans, mortgages
Registration is easy
Scalable
Reward yourself
Use your own data
No integration for FIs19,000+ FIs
Custom deployments
How does it work?
Drawing prizes
$1 Savings or $1 Debt Reduced = 1 Credit
Create a regular habit
Instant Win prizes
$2 Million Jackpot
Extrinsicrewards
Prizes
Games
Coupons
Org of finances
Asset growth
Education
Intrinsicrewards
Motivation
Engagementof a Social Game
28% DAU45% WAU70% MAU
52% 6 months45% 12 months
Retentionof a financial utility
Engagement and Retention
Virality? Privacy? Trust?
Let’s take a tour...
• Countdown (Drawing, Jackpot prizes)
• Appointment dynamic (Daily plays)• Ratio reward schedule (Invites -> Plays)• Progressive randomness (Free plays)• Collection (Financial accomplishments)• Pride/Envy/Status (Leaderboard)
• Gifting (Donate/give credits)
Gamification and SaveUp
of users reported saving more and paying down more debt
Impact of SaveUp
52%
Total Money Saved:
$356,000,000Total Debt Payments:
$255,000,000
Education Session:
75,000Challenges Taken:
24,000
