Australia: ING introduces unique automated savings tool

ING has recently launched the newest addition to its arsenal of savings offerings in the form of a savings tool. After partnering with tech company If This Then That (ITTT) they developed an automated savings tool which allows customers to set personalised rules for saving.

The collaboration with ITTT, a fintech who ‘gets different apps and devices to communicate and work together’, has produced a tool which allows ING customers who have an ING Everyday Transaction Account and linked Savings Maximiser account to set up specific and personalised saving triggers.

ING introduces unique automated savings tool. Savers who are keen on exercise can set a goal like $10 automatically transferred from transactions to savings when a daily step count is met.

"While there is no denying that saving makes you feel good, setting up a savings plan can sometimes feel like a chore."

RFi Group data suggests that more than 80% of savers have a goal for their main savings account and of them, travel or a holiday is the most popular goal. Savers who want to save for a holiday can set a tailored transfer that could automatically transfer a set amount every time the local temperature exceeds 25 degrees.

Chris Barwick, head of digital and innovation, ING admits “While there is no denying that saving makes you feel good, setting up a savings plan can sometimes feel like a chore. This collaboration (with ITTT)… is designed to make savings fun and help customers get ahead with ease”.

The release of this new tool follows ING’s Everyday Roundup that was launched in August 2017. RFi Group data identify more than half of all savers are struggling savers (those who need help to achieve their savings goals and often struggle with unexpected expenses) suggesting there is a large market for these saving tools.

 

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