This idea, which once seemed utopian, is becoming a reality thanks to the determination of various multidisciplinary teams. Stay with us to discover the role that Coinscrap Finance plays in this new digital bank.
Behavioral economics and gamification: The keys to B100
B100’s strategy focuses on principles of behavioral finance, which are very useful in combating cognitive biases in the population. This field of study combines psychology and economics to understand how people make financial decisions.
Coinscrap Finance and B100 apply these principles to encourage saving and environmental care, leveraging the growing interest in interactive and engaging experiences. Users receive bonuses in their accounts each time they adopt certain healthy lifestyle habits. They can also see the grams of plastic collected due to their purchases.
What does The Healthy Banking mean?
“To live 100 years, and live them to the fullest, we need health, money, and a planet to enjoy them on,” explained Jorge Mahía, CEO of B100, during a press conference. The starting point of this disruptive proposal is to combine financial services and health to achieve an optimal state of well-being.
There is a significant community concerned about these issues, very aware that we have the real capacity to make a difference. B100 aimed not only to offer an innovative product but also to promote a real and positive lifestyle change. Once the goals were set, it was time to seek technological solutions.
A Fintech ally capable of implementing a step rule and calculating carbon footprint
With this ambitious proposal from B100, we began to work. Coinscrap Finance conceptualized the project and materialized it through several layers of data enrichment in these innovative products: Two bank accounts (Save Account, Health Account) and a debit card (Pay to Save). Our AI engine, COCO, is behind:
The Save Account
It allows users to create different savings jars to organize their savings and build an emergency savings fund effortlessly. It offers total hyper personalization. For example, one could create a money box for vacations, another for a new computer, and another for a small treat. Each one of those can have its own automatic rules!
Currently, users can round up purchases, transfer a periodic amount, or set aside a percentage of their income. Soon, the entity will announce new functionalities. Users can customize the amounts and the exact moment they want to set aside that sum, the personalization of the tool is absolute!
The Health Account
It offers a remuneration far above the market average and rewards B100 customers for walking or running. The more they exercise, the more daily challenges they complete, and the more money is transferred to their Health Account. All automatically, thanks to Move to Save!
Customers only need to decide how much to transfer to this account when they meet their daily step goal. Thanks to integration with Apple Health, Google Fit, and other applications, their daily activity is recorded, and once the desired number is reached, their savings grow. Just put on your sneakers and start walking!
The Pay to Save Card
Behind this product is a technological layer developed by Coinscrap, capable of estimating the carbon footprint through the user’s bank transactions.
Pay to Save allows users to have a positive impact on the planet with every purchase, as part of the interchange fee is automatically allocated to cleaning our oceans.
In the app, customers have access to a counter showing the plastic collected by another startup, Alicante-based Gravity Wave.
Each customer transaction is enriched with the corresponding carbon footprint calculation, providing this data as part of B100’s environmental awareness efforts.
💡 Did you know that…
Coinscrap Finance is one of only 5 companies in Europe certified by TÜV to perform this calculation according to ISO 14064 standards and the GHG Protocol for organizations.
ABANCA bets on innovation and the Fintech sector
Thanks to alliances established with the sector, ABANCA has access to the best teams for designing digital products, technology experts, and leaders in mobile app development.
Additionally, the OnCloud installation provided by Coinscrap Finance allows remote network access and the ability to scale the infrastructure according to user growth and service requirements.
Through the banking-as-a-service model created by ABANCA with B100, there is the possibility to modify products, enhance or enrich savings rules, and offer new functionalities based on user needs.
“The collaboration with Coinscrap Finance has enabled us to launch a unique and innovative service, capable of revolutionizing how people view their personal finances. Our priority has always been to improve our customers’ financial health.”
Sergio Fernández
Head of Business Development B100
