Snoop has launched Future You, a tool that projects how customers' saving habits could grow over time.
The launch follows data cited by the company indicating that around 14 million people in the UK have less than GBP 100 in savings to draw on in an emergency, underlining the wider need for tools that support consistent saving behaviour.
Through Future You, customers can test different saving amounts and immediately view the potential effect on their projected balance, while also being able to update their Auto Saver rules within the same journey. For instance, a customer increasing a weekly saving amount from GBP 10 to GBP 15 can compare their revised projected balance against the outcome of continuing under their existing rules.
In addition, unlike a standard savings calculator, the feature draws on a customer's existing Auto Saver rules and actual round-up activity to generate a projection based on their own saving patterns, rather than a generic estimate.
Addressing the gap between saving and long-term benefit
According to John Natalizia, CEO of Snoop, the difficulty many people face when saving is not a lack of awareness of its importance, but the challenge of making a distant financial benefit feel tangible enough to act on in the present. It was also added that the feature is intended to close this gap by illustrating what current saving habits could amount to, and how minor changes could improve a customer's future financial position, while also allowing customers to act on that insight directly by adjusting their saving rules.
Future You combines four elements within a single experience:
- a personalised future balance, based on the customer's current saving rules;
- flexible scenarios, allowing customers to adjust deposits, round-ups and timeframes;
- a comparison showing the potential additional value of changing saving behaviour;
- immediate action, allowing customers to apply revised Auto Saver rules directly.
The feature also displays the assumptions underlying each illustration, including the interest rate applied. The company has noted that projections are illustrative rather than guaranteed, and can be adjusted to reflect different saving amounts and time horizons.
Part of a broader shift towards forward-looking financial tools
The launch forms part of Snoop's stated ambition to help customers look ahead rather than only reviewing past transactions. Through the process of using transaction data and analysis, the company aims to support more informed financial decision-making and enable customers to plan for the future with greater confidence.
