Screens from the iPhone Goalkeeper app
Standard Life has introduced a new personal finance app that helps consumers track their savings and make small adjustments to living expenses to reach their financial goals.
Called “Goalkeeper,” the iOS and Android app was designed by Montreal digital agency U92 and launched earlier this month. Users can use the app to select personal financial goals, like saving for a vacation, house or retirement, and break down those goals into annual, monthly and weekly targets. To help hit those targets, the app suggests adjustments like bringing lunch to work once or twice each week.
“The approach we took was much more focused on the user’s reality and what they do in day-to-day life, instead of financial planning per se,” said U92 president Jean-Sebastien Monty. “If you want to save this much per year, here’s how much you need to save per week. Here’s some ideas for how to do it.”
For inspiration, the savings and insurance company looked to apps that help people meet fitness and dieting goals. “You make it extremely easy for someone to understand how it can affect their immediate life today. So, no popcorn at the movies, or one less coffee,” explained Monty, who is also managing director of Bleublancrouge in Montreal.
He said the app was designed as part of an effort by Standard Life to make the brand relevant for youth. Rather than just focusing on saving for retirement, it has built-in options for savings goals that are more immediately relevant to millennials, like going to school or having a first child.
The next step, said Monty, will be to connect the app with financial institutions so users can transfer their savings directly from the app. The plan is to make the experience of saving even more immediate, again following the trend in diet and fitness apps.
So far, Standard Life has promoted the app through its client service reps and social media channels. It’s also been featured in a Financial Post article on must-have financial apps for 2015, which was a surpise, Monty said, because the app has only been out a few weeks.
