Chip is a savings app. No surprise there – lots are springing up. The surprise is that it really works.
Why? Because it solves a problem that has existed for years: people want to save, but it all feels like a bit of an effort and they’re not sure if they can actually afford to put the money aside. After all, there’s no point in setting up debits or transfers if you end up overdrawn.
So the job people want done is to save, but they want to do so without risk and effort.
This is what Chip does: you allow it temporary access to a month’s spending behaviour, the algorithm calculates a ‘safe’ amount to save, which it does in little slices, giving you a yes or no option through an engaging chatbot interface. (Disclosure: GIFs are involved)
It’s genuine innovation: people want to save but keep they avoiding or abandoning it. And now there’s a way of doing the job they need. Meeting a clear consumer need and doing so in fun and engaging way, Chip is definitely a fintech player to watch out for.