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Discover the advantages of microsavings with EVO Banco’s use case

Banks can now help their customers increase their savings capacity through simple yet powerful tools, such as micro-savings. These modules are based on behavioral finance and enable users to overcome cognitive biases: overconfidence, loss aversion, or attribution error, among others.

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Financial products that respond to customer needs

Today, having a financial cushion is more necessary than ever. We all need our institution to commit and offer innovative solutions to achieve our savings goals.

Our CMO, Juanjo Gómez, kicked off the session by introducing María Paz Comesaña, Director of Marketing, Advertising, and Strategic Alliances at Evo Banco, and David Conde, CEO and co-founder of Coinscrap Finance.

He provided an introduction to behavioral finance to establish the theoretical framework underlying the institution’s new application:Financial decisions can be influenced by biases and lack of information. This is where Richard Thaler’s principles come into play. At Coinscrap Finance, we apply these principles so that our tools can help people make more informed financial decisions.”

David talked about how our work focuses on providing banks with automatic tools so that users can save and invest consciously, but without making additional efforts. “We want their assets to work for them while they continue with their lives, constantly moving closer to their financial goals,” David said.

He commented that the revolution in the financial sector will come hand in hand with smarter, automated money management that benefits everyone.

Automatic rules to increase savings without realizing it

Before handing over to the webinar’s protagonist, our CEO summarized the rules that automate user savings: rounding up purchases, transferring a percentage of the salary, or making periodic contributions. Additionally, these amounts can be transferred to an investment product to increase profitability, if the user decides so.

One of the most popular rules involves gamifying the user experience. It involves setting aside a predetermined amount every time our team scores a goal. Even every time they win a match! David then gave the floor to Paz, who took the opportunity to comment:

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A 100% digital bank supported by fintech to innovate

Our guest explained that EVO Banco works to resemble a fintech as much as possible. Why? Because this is how they have become the most innovative bank in Europe and the preferred one by customers, receiving the award for Best Digital Bank in Spain. With a business strategy based on innovation, they seek allies to help them continue reinventing themselves to remain leaders.

Paz particularly values developments that allow people to manage their personal finances simply and intuitively. Anytime, anywhere, whenever the customer needs it. With the piggy bank, we have managed to make the difficult very easy, which is saving she noted. Because building a long-term financial portfolio is the goal of a significant part of their users. And what better way to do it than while having fun!

Seamless integration ensures the best user experience

The piggy bank is within EVO Banco’s own app. There is no possibility of friction since the customer does not need to download any additional modules. Within digital banking, the Smart Piggy Bank appears among the products and services available to the user.

There are two ways to save in EVO Banco’s Piggy Bank: one, with short and medium-term savings goals, with total availability; and the other, building a retirement fund and taking advantage of the tax benefits of these plans.

While explaining how the module works, Paz made an aside: “For our young users, rounding up to the next euro is very natural.” They go for a coffee and round up the expense to the next unit. “I’ll assume the coffee costs me more, and that allows me to save. The idea comes from loose change, from when you got home and emptied your pockets.” It’s a way of accumulating that loose change to have something big at the end of the year.

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For example, to treat ourselves, take care of our health, or face a possible emergency. The micro-savings module has already shown that EVO Banco’s users are saving, on average, about 2,500 euros a year. The best part is that they do it without realizing it, thanks to the automation provided by the artificial intelligence engine, COCO.

If you want to know more, click here.

David Conde CEO Coinscrap

David Conde Sayans

Co-founder and CEO of Coinscrap Finance, David has more than 10 years of experience in private banking and as an advisor to financial institutions. David Conde is certified as a European Financial Planner by the EFPA. As CEO, David leads the team behind Txstockdata’s flagship product, Senseizero. Senseizero is a platform that turns big data from the Internet into investment opportunities.

María Paz Comesaña – EVO Banco

Director of Marketing, Advertising, and Strategic Alliances at Evo Banco, with over 25 years of experience in the financial sector. She holds the EFA (European Fund Administration) certification from EFPA Spain and belongs to the Galician Marketing Directors Association (MARKEA). She has been involved in the development of disruptive products at EVO, such as the Intelligent Fund, the Intelligent Investment Plan, EVO Travel Cash, and the Intelligent Piggy Bank, awarded by the Paraguas Awards.

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