Press Release (ePRNews.com) - CENTRAL LONDON, England - Feb 07, 2017 - • Helps people build healthy financial habits with fun and engaging short term challenges inspired by FitBit and Strava
• Advanced algorithms recommend appropriate challenges tailored to the individual user
• Latest habit forming research and psychometric principles such as the “Big-Five Personality Traits” applied to improve savings and spending skills for all financial personality types
• Drives sustainable and meaningful engagement for banking customers
Today at Finovate, Meniga (http://www.meniga.com/challenges) introduced its new Challenges module, a digital offering to support banks in helping their customers manage their finances by using fun and social incentives.
Meniga Challenges improves people’s financial health by making it possible to save money in small attainable increments. It does this by combining proven community-reinforcement and gamification techniques, such as those popularised in consumer fitness trackers and health apps (e.g. Fitbit and Strava), letting users share and compare their weekly or monthly goals and achievements with peers.
Based on Meniga’s extensive research on how to engage users with any financial personality type, the Meniga Challenges user interface applies proven logic that short term goals drive long term gain. With only 20-30% of the population “conscientious” about financial planning, early testing of Meniga Challenges shows high levels of engagement from people who struggle financially while also keeping the motivated groups engaged.
The unique new product offers a variety of habit-forming challenges. Examples include category-based spending challenges e.g. “no fast-food for a week”; one-off challenges such as “the Chopping Block” shows users their subscriptions so that they can unsubscribe from redundant ones; and The Meniga Money Monster that “steals” variable, random amounts from a user’s current account and puts it into savings. This is useful for anyone who is trying to manage their finances including the least motivated people who find it difficult to save. (See “Notes to editors, below, for details.)
Finnur Magnússon, Chief Product Owner: “We developed Challenges to help people with any financial personality type gain financial independence. By combining social online fun with techniques that drive positive daily lifestyle changes, we applied an approach to finance already proven in other areas like health. Small everyday changes can make a huge impact on the customer’s long term saving and spending pattern.”
The result: Meniga Challenges supports personalised, better financial habits for end users, and a new way for banks to engage and retain customers.
Georg Ludviksson, CEO and Cofounder Meniga: “Digital banking should be both personal and inspiring: by offering a single compelling app that appeals to all types of customers banks can finally provide value beyond simple financial transactions. Ever-changing regulatory hurdles such as PSD2 and the threat of a rapidly evolving fintech industry are forcing retail banks to innovate to maintain meaningful relationships with customers and their role in society.”
Meniga’s suite of services enables banks to remain compliant to regulatory changes, apply data for targeted marketing, and truly engage all of their customers with relevant activities and content.
Meniga Challenges will be available from February 2017 as part of the company’s Digital Banking Solutions package that also includes the activity feed and personalised insights for banks and their customers.
Meniga (http://www.meniga.com) is a global leader of next-generation online banking solutions. Meniga’s award-winning online and mobile digital banking products enable retail banks across the world to dramatically improve their user experience, helping over 43 million online banking customers across 18 markets lead better financial lives. Through Meniga’s personal finance-driven marketing platform, consumers, banks and merchants engage with relevant bespoke offers from merchants. Meniga was awarded “Best of Show” in 2011, 2013, and 2015 at Finovate Europe (http://finovate.com/category/meniga/), Europe’s most prestigious financial technology conference. Meniga was founded in 2009 and is headquartered in London, UK.
Notes to editors
1) The main psychological principles Meniga applied to the development of Challenges are:
a) The Big-Five Personality traits (https://en.wikipedia.org/wiki/Big_Five_personality_traits): a framework that characterises people’s behaviour according to: extraversion, agreeableness, openness,conscientiousness and neuroticism
b) BJ Fogg´s motivational waves (https://en.wikipedia.org/wiki/B._J._Fogg): different degrees of motivation and ability require different engagement techniques. The model helps Meniga and its customers prioritize functionality and plan for integration of features. http://www.behaviormodel.org/
c) Habit Forming Loops: these help us understand how to build healthy financial habits through triggers and rewards
2) Key features of the Challenges concept include but are not limited to:
a) Category based spending limits (e.g. different ways of limiting spend on things like fuel, grocery, ready-made food),
b) Periodic and algorithmic savings patterns (e.g. Money Monster helping users automatically build savings),
c) One off topic-specific savings actions (e.g. Chopping Block for subscription pruning) and
d) Social incentives (e.g. community data/interaction, social media integration).
3) Meniga Challenges’ personalised savings tasks are tailored to each customer’s changing life circumstances and financial personality type. For example, financially diligent, “conscientious” customers will not be interested in the Money Monster Challenge as it is known to resonate with people that are less financially motivated and need simple, social and fun ways to start saving.
4) Dialog, Meniga’s engagement platform, recommends appropriate challenges for each customer based on their financial profile, engagement analytics and personal traits