Magazine article American Banker

Two New Services Aim to Help Consumers Save

Magazine article American Banker

Two New Services Aim to Help Consumers Save

Article excerpt

Byline: Mary Wisniewski

Fintech developers continue to bet consumers can save for the short term and the long haul if just given the right tools.

This week, Vault, an investment startup in Portland, Ore., launched mobile apps tied to a product that invests a percentage of an on-demand worker's paycheck into an individual retirement account. Meanwhile startup Retiremap announced a system -- created in partnership with Duke University's Common Cents Lab -- that partners with companies to offer their employees financial coaching on goals they rank high.

Several fintech companies, as well as banks, have set out to help people save with varying degrees of success. Inspiring people to save for retirement is an even more audacious goal. According to research from Pew Charitable Trusts, 68% of millennials 22 and older have no retirement plan, for instance.

Retiremap wants to motivate people through human financial coaches along with emails, text messages and in-app communications. Although Retiremap may help someone set up a retirement plan, the eight-week program will start where the employee wants to start, such as setting up an emergency fund or saving up to buy a house.

"Our mission is to help more underserved populations tap into critical financial guidance," said Matt Iverson, Retiremap's chief executive in a statement.

The firm built and tested prototypes of the system at the Common Cents Lab and says it is currently rolling the technology out at several companies, including Channel Financial, a retirement plan advisory firm. …

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