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Smart watch technology set to change savers’ habits

The way Britons save is set to change with the launch of True Potential Investor on smart watches. Savers can now track and top-up their  investments from their wrist, bringing the convenience of modern technology to personal finance. 

The UK is facing a savings gap crisis; with most failing to save the amounts they need to retire comfortably. Newcastle-based finance and technology services company True Potential believes changing saving habits is part of the solution. 

For too long, savers have followed a ‘set and forget’ method of investing for their future. Typically, they invest a single lump sum and only return to it once a year when their annual statement arrives in the post. 

To help change these habits, True Potential launched True Potential Investor, a self-directed investment service that can be accessed 24/7 online, via a smart phone or tablet and now on smart watches. The service includes impulseSave®, a first-of-its-kind feature that allows savers to top-up their investments from £1 to close any ‘gap to goal’. 

True Potential Investor uses goal setting to help savers identify exactly what they are putting their money towards. This makes each user’s goal personal and important to their future. By taking ownership of their goals, savers are encouraged to monitor their investments and top-up if they fall behind their goal. 

Since the launch in March, the service is already changing the way people save. The company has seen an increase in appetite from savers wishing to add to their investments on impulse. More than £3.5 million of new money has been added to users’ savings via impulseSave® to date, money that would most likely not have been invested anywhere. The majority of investments are under £10, showing it is possible, with the right technology, to create a habit of impulse saving. 

By launching True Potential Investor on smart watches, True Potential believes even greater change is possible. Users can set their watches to alert them on a regular basis as to how their funds are performing against their goals. With a few taps of the watch, they can then use impulseSave® to top-up their investments from just £1 – all without opening the app on their phone. 

By moving savers away from the ‘annual statement’ mind-set and making small top-ups more convenient, True Potential Investor encourages interaction with investments – changing the way Britons save. 

Daniel Harrison, Senior Partner at True Potential, said: 

“True Potential Investor solves a real world problem; that people are failing to save enough. We believe this is due to a lack of quantifiable savings goals, no immediate way of tracking their progress and no way of easily putting more money aside.  Those people who are investing tend to put money into their investments and discover that there is a shortfall years later, when time is running out. With impulseSave®, by prompting users to save through an alarm system and providing a means to top-up on-the-go, we are helping savers to stay on track. 

“True Potential Investor brings a huge amount of investing power within reach for far more people. The majority of savers using the system access it via mobile technology. It is our belief that 21st century technology should be multi-platform and so the launch for smart watches is the next logical step and part of our goal to make saving as simple and accessible as possible.” 

The technology is set to be showcased alongside the world’s biggest innovations in financial technology at FinovateFall 2014, running from23-24 September 2014 in New York City. True Potential is just one of five UK-headquartered companies to have made it through the rigorous selection process. 

To access True Potential Investor for smart watches, please download the True Potential Investor Android app (https://play.google.com/store/apps/details?id=com.tpllp.truepotentialinvestor).

 

 

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Author: LifeTalk Admin (Bella)
Posted: Monday, September 08, 2014 | 3:35:24 PM


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Comments

23 September 2014 | 3:51:56 PM  David Curley wrote:
Why do TP think people are going to save money through their smart watch, they will spend it.
I would be interested to know how many of their platform clients actually access the platform via IPad I bet it's in the 100s not thousands
10 September 2014 | 9:48:45 AM  Stephen McCrossan wrote:
I would be quite happy to put £50 on smart watches NOT changing savers habits...

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