- October 8, 2008 • Posted by Michael Ferrari
- SmartyPig Down Under
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Today we announced our partnership with Australia New Zealand Banking Group Limited (ANZ) to provide innovative social savings to Gen Y Australian banking customers with http://www.smartypig.com.au. A-U, as we call it, will launch first of November. We could not be more excited!
Here's why: Australians are among fastest in the world to adopt new technology, and ANZ is THE bank when it comes to pushing the financial services envelope with tech upgrades. First to mobile and now first to the social side of saving - and they are seemingly poised to keep pushing to reach out to the next generation of banking customers... cool, hip savers like you. ANZ also has 6 million customers, close to AUD$400 billion in assets and is exposing SmartyPig to the largest emerging markets in the world.
That means we're working tirelessly to grow... and grow fast.
The partnership is only our first international expansion of SmartyPig, and ANZ is the perfect partner to prove the model overseas because ANZ has a clear strategy to reach a very important, very socially plugged-in demographic. And as you sit here reading this, we are planning our next move.
See, we know we can't save the world, but we know we can help the world save. It's a message that resonated from coast to coast inside of three months of our public launch and is now without borders. Why? Because people know they need to rethink how they approach their finances, no matter where they are from. This "foreign" mind-set is attracting their banks, which are, in turn, contacting us. It's flattering that it's catching on so rapidly, but it truly is little more than common sense: save up before you buy something.
People don't typically read press releases, but here's what ANZ Chief Executive Officer, Australia, Brian Hartzer, said on ours, "We know that young people have unique needs when it comes to their finances. They look for simple, efficient and secure ways to manage their money and are more likely to bank online, as they are very comfortable with the technology. We're particularly excited about launching SmartyPig in Australia, as it's a forward-thinking savings product that appeals to the tech-savvy and time-poor consumer. Partnering with companies like SmartyPig who can innovate and get to market rapidly helps us extend our point of difference."
Mr. Hartzer's claim of SmartyPig being "forward thinking," we think, hits the nail on the head. In this economy - in this global economy - you can't look back. You have to move forward, aim high, get out from under, examine things differently. See, it's all about setting goals. Goals are optimistic. Working together and sharing an experience makes it more meaningful. We at SmartyPig are ecstatic that people are taking notice, but to be honest, it is you all that are doing the real work.
Thanks for letting us be a part of it. And please help spread the word about Simple, Smart, Saving.







4 Comments
ANZ weren't the first to do Mobile Banking down under - Suncorp were, and there offering catered from day 1 to iPhones... the ANZ platform at launch could only show balances, the Suncorp one allowed you to transfer funds... All ANZ have done first is spend lots on advertising...
@Mobile Banker: According to a DataMonitor report titled: "Online Financial Services in Australia 2008," Suncorp launched its mobile platform in March of this year, while ANZ launched one month prior in February. Thanks for your interest. -Jon Gaskell, CMO SmartyPig
Because of the current economic crisis, lots of people are talking about starting an "emergency fund". While folks in other countries may be better at saving, Americans are pretty bad at it. If Americans need to learn to save before spending rather than just borrowing what they want to spend, as SmartyPig helps us to do, then how much more do you want to bet we're not keeping an emergency fund?
I joined SmartyPig to help me save. But SmartyPig is targeted at saving for a "goal", usually a goal to spend. However, in the current economic climate, we're being encouraged to save, but not just to "save to spend" but to save to save - for instance, for a rainy day. Financial advice varies on what a "rainy day fund" should look like - anything from $1000-$3000, or the enigmatic "3-6 months of expenses".
I think it would be great if SmartyPig had a tool to help people save up a rainy day or emergency fund. You could use online calculators and tools to help people calculate what their rainy day goal should be. Once it was fully funded, you could recommend that a member re-visit their calculations every 6 months to a year to see if their circumstances have changed and they need to contribute more. Furthermore, you could include suggestions on adequate uses of the fund, (such as loss of a job, medical emergency, family emergency, etc.) If the time comes for someone to use the rainy day fund, all they would have to do was choose one of those emergencies and they could automatically ACH the contents of the fund (regardless of whether it was fully funded) to their checking account.
@rudie,
I could not agree more. That said, we don't have the most recent statistics regarding American emergency saving funds. Obviously, we all need to take it much more seriously. There is not only uncertainty in the markets there is uncertainty on the job front. The times are scary. Saving up for the things you want makes as much sense as ever; saving up for that which you do not see coming is even smarter.
Five percent of our users have identified their goal as "Emergency Fund," so they are letting the process work, putting a little away each month to ensure they will be on even ground during less than steady times. However, nearly one-third of our customers have goals set up in our "Saving to Save" category - they aren't quite sure what they will use the money for. We suppose many will end up using it for things like heating their homes this winter, groceries, or making rent.
SmartyPig, at its heart, is not about spending. It is about saving - saving for specific goals. That's why we don't encourage our customers to stop saving for retirement, for their kids' college or even the proverbial rainy day. And while we have yet to incorporate the type of tool you suggest here, let me assure you we respond to what is most important to our customers' needs. And right now you could not have hit the nail on the head any harder.
Thank you for your interest and your time. Please look for your ideas in the future, as well as us reaching out to our customers regarding the current economic crisis.
Jon Gaskell, SmartyPig co-founder