Watch Social Money’s demo of GoalSaver at Finovate (Video)
We've covered Social Money and its GoalSaver product fairly frequently in recent months, but when Social Money co-founder Michael Ferrari and president Scott McCormack stepped on stage last month at Finovate Spring 2012 in San Francisco, they provided another spin on GoalSaver, a white-label social savings product offered by the West Des Moines-based company.
GoalSaver, McCormack said, helps banks do three main things: engage customers, rebuild their brands in an online experience and re-monetize what's become "a broken business model in banking." McCormack, who joined GoalSaver last year after working 20 years in the banking industry, provided high-level explanations of how GoalSaver aims to help companies in that industry; Ferrari focused primarily on the functionality of the product.
Ferrari highlighted the social elements of the product, such as an activity stream that allows users to track the activity of other anonymous users, and Facebook and Twitter integrations, which enable users to see how friends use GoalSaver. "It's a really great motivation tool," Ferrari said.
Meanwhile, for banks, GoalSaver aims to provide data of how and for what reasons people tend to save.
"This is probably the first step to a bank really engaging their customer," McCormack said. "Knowing what your customer is saving for is very, very important."
Ferrari also demonstrated GoalSaver functions like creating goals, transferring funds and earning cash back. All of that, Ferrari emphasized, can be renamed and re-skinned to fit into any financial institution's existing structure.
That, McCormack said, enables banks to offer additional products based on analysis of how customers use GoalSaver. "This," he said, "becomes a very opportunistic monetization solution for you and your business model."
Credits: Screenshot from finovate.com.