European bank, KBC is on a mission to help younger generations to improve their financial wellbeing while also helping them achieve their saving dreams. To help realise this goal, KBC has partnered with Doconomy, the fintech providing banks with innovative tools to drive financial wellbeing, to allow users to set personalised dreams and develop new saving habits.
Providing users with interactive features, Doconomy will allow KBC users to interact through the bank’s app in a new way, enabling them to track their progress towards achieving their financial goals. The new offerings will be offered to all KBC users, although the bank is putting an emphasis on helping those aged 18 to 25 to develop better saving habits.
The banking app enables customers to focus on both short and long term goals, ranging from saving for a concert ticket to saving for a house. Doconomy provides tailored, achievable saving plans that offer ways to reduce expenses and nudge people towards saving small amounts more frequently.
Furthermore, new data from Doconomy revealed that, in October 2024, the most popular dreams entered into the platform were for a new home, followed by money saved for a rainy day, and a new car in third position. Other dreams also included holidays, smartphones and home renovations.
Creating positive change over time
Karin Van Hoecke, general manager for digital transformation and data at KBC Belgium
Karin Van Hoecke, general manager for digital transformation and data at KBC Belgium said: “By integrating Doconomy’s saving module, we actively help our customers get the most out of their money by inspiring them with relevant saving goals and offering fun ways to reach these dreams, such as saving automatically when your favourite football team scores a goal or saving on a weekly basis with a surprise amount. These small but consistent efforts accumulate into a significant amount over time, leading to positive changes in both spending and saving behaviour.”
Mathias Wikström, CEO, Doconomy
Mathias Wikström, CEO at Doconomy commented: “Empowering younger generations to take greater control of their finances in a sustainable way and achieve their dreams has never been more important. Our recent research revealed that for a quarter (25 per cent) of Gen Z, getting in control of their finances is their main priority this year, and a further third (32 per cent) agree that having a specific savings goal makes them less likely to spend money they save.
“By integrating our technology, KBC shows its commitment to financial literacy for all generations and we are very proud to be contributing to their market leading ambition.”
Saving options
Bringing financial wellbeing tools into the 21st century, saving options include green save hacks, as well as more spontaneous and fun options. For example, setting up a weekly automatic surprise saving, or enforcing a positive association with savings, including saving a set amount each time a person’s sports team wins.
Alternatively, users can opt for the more traditional approach, with ‘Save smart’ options that set aside a portion of a person’s salary each month or save a set amount every week.
The post KBC Integrates Doconomy To Improve Financial Wellbeing and Saving Services appeared first on The Fintech Times.
