Global payment marketplace Imburse has announced the launch of MicroSavings, an integrated savings feature which will allow insurance companies and financial institutions to automate incremental consumer savings.
This new digital offering will allow organizations to effortlessly enhance their products with flexible savings functionality, where customers can automatically round up every card purchase to the nearest euro or set a daily or weekly percentage savings target. The new feature will enable consumers to save passively, whilst encouraging better spending habits and interaction with financial institutions. Headquartered in Zurich with offices in London and Lisbon, Imburse is a software as a service company that helps large enterprises and insurers future-proof IT systems against changes to customer preferences and demands in payments.
This latest MicroSavings product from Imburse will encourage more regular interaction between financial institutions and their customers, while creating new pools of funds for both. Deploying new technologies and solutions across incremental savings platforms is often expensive and complicated. Imburse aims to solve this problem by delivering a more modern, cost-effective and easy to deploy end-to-end solution. Through removing the obstacle of integration when connecting to and using payment providers and technologies,Imburse enables insurers, banks and wealth managers alike to leverage technologies and payment providers best suited to their business and customers.
IE Note; The move also opens up the possibility of offering a `social good’ donate button on top of premiums, say at the Checkout page on the website, whereby insurers and brokers could round up the odd 37p etc and promise to donate it to a fashionable charity. Or offer a box that donates £1/£5 as an optional extra feature. In an age where almost every other person under 30 is an activist on Twitter for something, it makes shrewd marketing sense.
Through Imburse’s new solution, financial institutions can integrate the MicroSavings engine into their own savings processes through a four-step process. Businesses can enrol their customers to take part, before tailoring the savings frequency, collection methods and tracking options to their needs. Using Imburse’ payment marketplace, they can then choose any payment service provider of their choice, including their existing one. Imburse’s MicroSaving solution pricing (which will be covered by financial institutions on behalf of consumers) starts from €82/$100/£70 per user, per annum.
Commenting on the new MicroSavings product, Imburse CEO and Co-Founder Oliver Werneyer said: “The launch of MicroSavings comes at a time in which insurance and banking industries are changing rapidly, with emerging technologies casting a shadow on the capabilities of traditional banks and insurers. We are seeking to modernise, transform, and digitize their systems in a sustainable and future-proof way, allowing global banks and insurers to not only keep up with but embrace fintech and insurtech solutions with ease. At Imburse Payments, we want to help accelerate their efforts to help insurance carriers do business more efficiently while helping them engage with consumers through giving something back. We hope to improve customer spending habits without endless complications that often arise from payment providers and saving engine integration.”