This is part of the Post Live panel discussion ‘Kitchen Table Economics,’ held April 16 at The Washington Post. View other videos from the discussion here.
Senior vice president, insight and analytics, Center for Financial Services Innovation
I think that we’re poised now in a way we never have been to be able to solve the financial challenges that people feel, because technology offers a huge opportunity to better connect with people about their finances.
So that can happen in small ways, like alerts coming from your checking about what you just spent and what your balance now is, or it can come in bigger ways using data to actually give people advice . . . that enables somebody to make better choices and manage their money longer-term.
There’s a really interesting and fun start-up called PiggyMojo. The idea is that you and a buddy team up to save. And so you and your spouse, you and your best friend, you and your sister, sign up together. You set up a savings goal. And then essentially, the idea is to try and turn impulse spending into impulse saving.
So every time you forgo the latte, you send a text message to PiggyMojo: saved $3.50 on latte. Then what PiggyMojo wants to do is be able to move money from your checking account to your savings account in real time to get around this, well, I never got around to saving the $20 I wanted to save. So real-time, I saved $3.50.
The fun part is that then PiggyMojo is going to send a text message to your savings partner saying, Rachel just saved $3.50. What are you doing?