From Bernard’s perspective, this moment also emphasizes the importance of having a quality user interface (UI) and user experience (UX) because while other banks may have savings accounts with exceptional interest rates, they are missing out on the fun, engaging features like Ally’s savings buckets to get young people motivated to build financial literacy.
“Creating a savings bucket gives you the chance to anticipate all the things you might need money for in the future and create specific buckets and goals for each one of those things,” he said. “It gives you more confidence when an unexpected cost arises to be able to say to yourself, ‘Bet, I already have money put away for that specific thing.’”
He added: “It makes you think twice about buying that designer jacket if you have to empty your ‘Beyoncé tickets bucket’ to fund it.”
Editorial note: Shane Bernard is an employee of Blavity, Inc.