Qapital: use a goal-driven manner to raise savings desire of the younger generation

the millennial generation (born 1984-1984) mostly do not have the habit of saving. When at hand is a bit tight, need to take charge to an account, Excel is not preferred. Similar to the Mint such software services, appears to be lack of something. Yes, savings services. Swedish startup Qapital so in March of this year launched a software, called Qapital help saving the younger generation. But today, the software has added some new features – IFTTT (If This Then That, saving the trigger condition set). You can set some savings trigger conditions, such as you save the money to buy deals or starbucks today where to go in a mile car less. Once conform to a particular set of conditions, the software will automatically give you a certain amount of savings deposits. Qapital hope this function can be for young people is similar to travel, to buy big “big plan” to save money, or take a close look at where their money is spent on.

Qapital born along with the rise of the Swedish financial technology, founded by several former bankers. They found that the millennial generation without good saving habits, therefore, when they began to set up similar to Mint software, provide accounting services for the people in Sweden. But in the United States market, after its actual situation, they decided to develop a new software. One of the founders of Qapital and CEOGeorge Friedman said, the United States is to better risk investment, and the United States has a mature banking data exchange system. We will cooperate with one of the Plaid, in this way, we can focus on the service experience on app.

“the americans are more open to reform. In the United States, Banks have API data transmission system, therefore, after we cooperate with Plaid, we can easily start developing the U.S. market, 100% focused on for the application of the customer provide good experience. In Sweden, we need to write and bank data exchange program yourself.”

the customer can use the separation of the federal deposit insurance company accept insurance Qapital account to receive the other automatic renewal of existing accounts.

IFTTT can trigger the behavior and the user’s associated travel, shopping, online shopping habits, so Qapital is not only a financial service software, software or a way of life. When you do the money thing, the software will automatically deposit a sum of money as a reward, so, for example, when you want to buy your coffee, have to think twice.

in Qapital mobile terminal (now only supports iOS, android version released at the end of the year) set up such a savings goal is very simple, set goals and amount, and then stick a picture, is primarily used to have a temptation to motivate yourself, then no then. Set some deposit trigger condition, of course, Qapital already preset in the above list. And associated social software, such as deposit automatically set in a news release. If you want to use this kind of automatic deposit service, IFTTT must open, will have a detailed instructions on its website.

Qapital IFTTT function is still in closed state, therefore, we can only guess which roughly more popular savings tips, or, the software through planned to behavioral science to make millennials can get into the habit of savings is workable. Qapital focus only on the younger generation, the software interface is simple and cool (designers for twins Daniel and Andreas K? Llbom of Studio K? Llbom, participated in the design of mobile phone software company), with many real pictures to represent your goals. All in all, Qapital designed for cash-strapped young people is a kind of positive, target motivation type of deposit, rather than the former rigid “planned economy”.

“our software instead of Numbers, but with the desire to drive you to achieve your goals.”

as a startup, Qapital q&a web design is very direct and concise, tell the user why turn paragraph above are delayed or what Qapital partners have access to the user data. From these, we I see that the tendency of its service for young people. Young people feel the economic downturn, wages to reduce pressure, their big Banks did not catch a cold. Friedman believes that Qapital than big Banks for the young generation, provide them with more appropriate service.

“the development of new financing business is a big challenge, do you want to let others believe your service, and are willing to use your service. Is also good, the younger generation, with an open mind, it is easier to accept the new services, and how they do not expect big Banks to give them anything. Young people are more likely to accept new things, this is quite different from the elderly.”

of course, the question comes, how Qapital will take advantage of your daily active data? Seems to be used in many ways, but Qapital company claims will only through data suggestion or push for your goals. Let’s say you want to Paris, tips, is there a special airfare or hotel? The personalized services is still in argument stage, they hope to provide a full range of services at the end of this year.

in the next few weeks, will Qapital and Intuit (to provide technical support for the Quickbooks) cooperation, to expand Qapital IFTTT applications to the United States more than 20000 smaller Banks in the home. Toward the end of the year Qapital associated with Lincoln savings bank will launch their own Visa debit card, can be associated with all Qapital account.

Qapital had been closed in April this year, domestic service, to focus on the U.S. market, of course, they still hope that sometime in the future be able to open up the Swedish or European market.


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