By Hamza Behzad, Business Development Director at Finova
When it comes to savings, “one size fits all” doesn’t really fit anyone. People aren’t just putting money away for a rainy day anymore — they’re saving for a deposit, a family milestone, or retirement. And they want products and experiences that reflect those personal goals.
But let’s be honest: the landscape can feel overwhelming. Interest rates change constantly, jargon gets in the way, and long-term planning often feels like guesswork. That’s where technology can really step in — giving savers a clear picture, smarter nudges, and a sense of control.
Why savers now expect more
Think about the way we live our lives. Spotify curates playlists we didn’t know we wanted. Amazon recommends what we might need before we even search. Why should saving money feel so outdated? It’s no surprise that 70% of UK account holders now use mobile banking apps, and for younger savers, that figure rises to 85%. They don’t just want balance updates — they want tools that understand their journey and make it easier.
What personalisation looks like in practice
A junior professional saving for a house deposit might get a timely nudge to move cash into a higher-interest account. A retiree could be prompted to tweak their plan in line with inflation. The technology exists today to deliver this kind of real-time, relevant support.
Modern platforms are already offering:
- Goal trackers that show multiple savings pots side by side.
- Smart alerts when interest rates improve.
- AI-powered insights that suggest small changes with big long-term payoffs.
It’s about moving beyond generic updates and making saving feel proactive, even personal.
Why building societies are in the spotlight
For building societies, digital personalisation isn’t just “nice to have.” It’s a real chance to stand out. These organisations already pride themselves on knowing their members and putting them first — tech can extend that ethos online.
Some societies are experimenting with “what-if” tools that let members play out scenarios: what if I upped my monthly contribution? What if I paused payments for a few months? That level of interactivity helps members feel in control — and it builds trust.
The loyalty factor
The impact goes beyond convenience. If members feel that their provider really “gets” them, they’re more likely to stay. For example, someone saving regularly for short-term goals could be nudged toward flexible accounts with bonus interest. A future homeowner might be guided towards mortgage-linked savings solutions. These touches might seem small, but they add up to long-term loyalty.
Looking ahead
Savings aren’t static anymore — and neither should be the products that support them. The future is about being proactive: tools that alert members when opportunities arise, highlight better options, or even predict needs before they surface.
The message is clear: generic products won’t win hearts. By embracing digital-first, personalised savings journeys, providers can turn everyday savers into long-term advocates.
