Nationwide's Mobile App Creates Saving Spree

  • More than £1.6 million has been saved using Impulse Saver
  • Friday is the favourite day to save on an impulse
  • Quick Balance has been used five million times so far

New features on Nationwide Building Society’s top rated mobile banking app are enabling customers to manage their money and save their pounds.

On 4 June 2014, the Society unveiled an updated version of its mobile app, introducing two new innovative features: Quick Balance and Impulse Saver. These opt-in features allow customers to manage their money in a faster, easier and more engaging way.

Nationwide’s unique Impulse Saver, allows customers to transfer pre-configured amounts from their current account(s) to their savings account(s) with a couple of taps, without logging in, encouraging customers to save small amounts regularly. Since the launch two months ago, more than £1.6 million has been saved through swiping Nationwide’s Impulse Saver.

The Impulse Saver has revealed some interesting insights into the culture of savings through technology:

  • The average amount saved through Impulse Saver is £25.18 per click
  • Friday is the most popular day of the week for using Impulse Saver
  • People are 25% more likely to use Impulse Saver on a Friday
  • They save approximately 60% more on Fridays than the average
  • People are most likely to use Impulse Saver between 6am and 7am

Quick Balance allows customers to see their account balance at a glance without logging in, helping members keep on top of their finances anytime, anywhere and at the swipe of a button. The Quick Balance button on the app has been used almost five million times since the launch on 4 June.

Chris Rhodes, Nationwide’s Executive Director, Group Retail, commented: “With new features such as Impulse Saver and Quick Balance, Nationwide is making it easier than ever before to manage money on the go. Impulse Saver gives customers the opportunity to resist the temptation of a coffee and a croissant, for example, and save instead of spending money on a whim. In the longer term, it could make the savings habit easier to acquire and have a significant impact on people’s finances.

“These new features are the latest in a long line of innovations that Nationwide has announced, including the digital wallet, remote advice service Nationwide Now, and the Nationwide Homebuyer app, as a response to customer feedback and in-depth research. Our aim is to ensure that we continue to deliver new, effective and innovative ways for our members to make the most of their money.”

Nationwide already sees a quarter of a billion interactions on digital channels each year, more than half of which are from mobile devices, and it is looking to expand its suite of apps later this year.

About Nationwide Building Society

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers and members.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 17,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

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