The Savings Continuum: A Digital Playbook to Help Savers Succeed

Helping customers build savings for their short-, medium-, and long-term financial goals can forge loyal, long-lasting, and profitable banking relationships. But Javelin’s analysis of 21 savings features in mobile banking at five top banks—Ally, PNC, Truist, U.S. Bank, and Wells Fargo—found that FIs largely take a check-the-box, product-focused approach to saving that leaves customers to decide for themselves how and where to save. 

This do-it-yourself approach causes banks and credit unions to miss opportunities in five crucial stages of a saving relationship to engage customers, encourage effective ways to save, advise shoppers how to select suitable products, and build an advice-driven relationship that leads from saving to investing. As a result, FIs are struggling to satisfy two distinctly different segments of savers: those who are eager to develop lifelong savings strategies and those who chase higher rates and returns wherever they can find them. Shortcomings in digital banking motivate both segments to shop elsewhere.

Key questions discussed in this report: 

• What should the ideal savings journey look like?
• What digital features should banks and credit unions prioritize to encourage saving?
• How can FIs transition from a do-it-yourself savings approach to a help-me-do-it one?
• What digital tactics are leading banks using to encourage savings? 

Companies Mentioned: 

Ally, PNC, Robinhood, Truist, U.S. Bank, USAA, Wells Fargo