Improve consumers’ financial well-being: introducing Interact Personal Finance Management (PFM) features

Author: Jessie Hu

It’s not a secret that the UK has a poor savings culture. According to a study by the Centre for Social Justice, UK households owe £1.43 trillion and each year over 130,000 people file for bankruptcy or other insolvency.

Household debt problems are not merely financial. A quarter of clients seeking advice with debts report that their relationship has ended as a result of their financial difficulties, while one in three has contemplated or attempted suicide. Worrying about debts can impact on people’s performance at work and their personal lives.

Savings Goal

Customers using Interact online banking can now easily set up a savings goal by defining the goal name (e.g. Christmas, a rainy day etc.), target amount, target date, and linking the goal to a savings account. They can also set up a standing order to pay into this goal, if they wish.

Once the goal is set up, they can track progress towards their goals visually, using online banking or their mobile banking apps. Interact will provide encouragement to the user if the goal is on track and once achieved; if a goal is falling behind schedule it will offer some helpful suggestions.

By allowing people to create a personalised savings goal, set it over an achievable timeline, and graphically represent progress towards it, we aim to bring the goal alive and help customers to build up their savings.

Debt Planner

The Debt Planner works out a debt repayment plan based on a customer’s current balance and APR, and on how much they can pay each month or how long they want to take to pay off the debt. It also helps them to visualise the outcome, and graphically monitor progress towards it. If the customer is happy with the plan, they can set up a Direct Debit based on it.

The Debt Planner aims to help customers plan and manage their finances better.

Budget Planner

This is an income and expenditure calculator that helps customers understand how much they can save, or how much they overspend, each month. It is designed for both quick use (simple, high level) and detailed planning (the ability to open up sub categories).

Financial Institutions can implement it as a standalone tool, or integrate it into the process of applying for new products.

Download Transactions as CSV File

Interact online banking customers can download their transactions as CSV files for further analysis. This allows customers to own their own data and use the tools of their choices to inspect it.

Other improvements in Interact v5.6
  • Mobile login using a pattern: Allows Interact mobile app users to log in by drawing a pattern. This feature modernises the app in line with the general trend, and frees customers from remembering PINs by offering a more engaging, fun, and less error-prone (no risk of typos) way to log in.
  • Onboarding: A process that institutions can target at new credit card customers that comprises validation, activation, education and cross sell. It is expected to help Financial Institutions to increase card activation rate, customer engagement, satisfaction and loyalty, and hence drive ROI.
14 Jul 2014

Author: Jessie Hu

It’s not a secret that the UK has a poor savings culture. According to a study by the Centre for Social Justice, UK households owe £1.43 trillion and each year over 130,000 people file for bankruptcy or other insolvency.

Household debt problems are not merely financial. A quarter of clients seeking advice with debts report that their relationship has ended as a result of their financial difficulties, while one in three has contemplated or attempted suicide. Worrying about debts can impact on people’s performance at work and their personal lives.

Savings Goal

Customers using Interact online banking can now easily set up a savings goal by defining the goal name (e.g. Christmas, a rainy day etc.), target amount, target date, and linking the goal to a savings account. They can also set up a standing order to pay into this goal, if they wish.

Once the goal is set up, they can track progress towards their goals visually, using online banking or their mobile banking apps. Interact will provide encouragement to the user if the goal is on track and once achieved; if a goal is falling behind schedule it will offer some helpful suggestions.

By allowing people to create a personalised savings goal, set it over an achievable timeline, and graphically represent progress towards it, we aim to bring the goal alive and help customers to build up their savings.

Debt Planner

The Debt Planner works out a debt repayment plan based on a customer’s current balance and APR, and on how much they can pay each month or how long they want to take to pay off the debt. It also helps them to visualise the outcome, and graphically monitor progress towards it. If the customer is happy with the plan, they can set up a Direct Debit based on it.

The Debt Planner aims to help customers plan and manage their finances better.

Budget Planner

This is an income and expenditure calculator that helps customers understand how much they can save, or how much they overspend, each month. It is designed for both quick use (simple, high level) and detailed planning (the ability to open up sub categories).

Financial Institutions can implement it as a standalone tool, or integrate it into the process of applying for new products.

Download Transactions as CSV File

Interact online banking customers can download their transactions as CSV files for further analysis. This allows customers to own their own data and use the tools of their choices to inspect it.

Other improvements in Interact v5.6
  • Mobile login using a pattern: Allows Interact mobile app users to log in by drawing a pattern. This feature modernises the app in line with the general trend, and frees customers from remembering PINs by offering a more engaging, fun, and less error-prone (no risk of typos) way to log in.
  • Onboarding: A process that institutions can target at new credit card customers that comprises validation, activation, education and cross sell. It is expected to help Financial Institutions to increase card activation rate, customer engagement, satisfaction and loyalty, and hence drive ROI.