Solution Concepts – Save to Spend

Posted by | July 15, 2016 | blog | No Comments

Most of the saving bank account holders are salaried and have a steady flow of income. To the contrary, their expenses aren’t. Be it festivals or insurance premiums or school fees payments, most of this huge expresses are yearly recurring expenses. In an ideal case, most of the customers get loans for these huge spending and pay them back later from their salaries. Yes, loans are profitable for the banks, but there is a hard truth behind it too. It not only involves risk but only a mere percentage of customers get a loan from banks while the majority of them borrow from unorganized money lenders with higher interest. The problem lying ahead of us is how to fill this gap and how banks can be benefited out of it.

A team of 5 which consist of Veera Gajendran, Ramesh, Thiyagesh, Thiruppathi Selvam and Mallikarjun came up with a solution for the above problem. The same was submitted for ICICI Appathon in the name of iFuture. This solution proposes a goal based sub-accounts which allow the customer to save money for that specific purpose and keep a track of the same. The goals are categorized and the customers can select a goal or a combination of many for the sub-account. The money can be either manually deposited to these accounts or automatically pulled in from the main account via standing instruction provided by the customer. The ownership of these sub-accounts can also be shared among family members so that they can jointly contribute to a single financial goal. What set apart these from the typical recurring deposit is that they are not as rigid as RDs and the customers can pull the money anytime out of it in the case of an emergency expenditure.


The above solution not only benefits the customers, but also the bank. This help banks to cross-sell its products and services based on the customer’s goal. The bank can also partner with other merchant and suggest them to its customers based on their goal category. This not only boosts transactions but also the customer relationship with the bank.

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About Market Simplified: Market Simplified is a thought leader in handcrafting custom solutions by continuously innovating and simplifying finance. We have maximized the revenues of industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank and National Stock Exchange of India by providing enhanced and sustained user engagement through Experience Engineering.

About The Author: Gokoulane Ravi is a foodie, technology enthusiast, and a developer turned marketer with more than 5 years of experience in the space of mobility. When he is not working, he likes to read, write, run and cycle.

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