Social Behavior Change: Chip = Fitbit for finance idea

Hi all,

Hope you are well in these uncertain times, this is my first post so sorry if I’m a bit out of kilter with things. I’m not the type who normally uses forums so apologies in advance, especially if this has been mentioned before somewhere! I’ve had an idea about Chip, which I think would be really cool and I think it would fit in really well with the mission of empowering people to save. First, a little background info that inspired this idea:

In the middle of last year, I was given a Fitbit by a work colleague, as she requested a new one in place of her broken one from Fitibit. When her old broken Fitbit then started working again miraculously, she kindly gave it to me. I was already relatively fit, but the rest of my team had one and the feeling of competitiveness in me took over. Before owning the Fitbit, I had no care in the world for how many steps I was doing each day, it simply did not matter to me. I was active but I didn’t have a need to quantify it or improve on my steps day to day. Then I downloaded the Fitbit app and everything changed… I was in a weekday steps challenge with 8 members of my team, suddenly every step counted. People would go on walks randomly during the day to get their step count up. All for a virtual trophy at the end of the week and the bragging rights that came with it. The point of this not very exciting story? It changed people’s behavior massively. Who would have thought that a virtual leader board with no physical prize could add thousands of steps to people’s days.

How could this be applied to Chip?
Saving leader boards with friends could be a really cool way to encourage people to save more, creating competition and getting people talking about saving (something that isn’t always easy for people to do). I get that there is more privacy around money that what there is around ‘steps in a day’ but this could be made more private by assigning points to amount saved as a percentage of income, therefore not revealing a person’s income or savings amount. Prizes could be virtual or akin to those offered by Chip’s saving streak bonuses. A monthly leader board might work well for money, or other time phrases could be explored.

The benefit to Chip/Chip’s customer’s:
. A fun feature which encourages saving.
. Increased virality (Feel like I’ve made that word up!) - People would be more likely to share Chip with their friends + family. Social built in.
. Added value to the app
. More money being deposited into Chip’s saving accounts etc

That’s my idea anyway, massively over simplified. I’m sure it would take a fair bit of work, but I do think there are positives to it. But who knows, maybe no one would like the idea of having competitiveness around finances?

Just a thought!



Hi Connor,

A worthy first post!

It’s an interesting idea that I don’t think I have seen mentioned previously. I was concerned about the privacy aspect, but linking the amounts saved to respective incomes is a good thought to overcome this.

I seem to remember there being some discussion a while ago about a group goals feature, which I think this sort of thing would complement nicely. (I don’t use goals, so forgive me if there already is a group goals feature).

I definitely think this is something for the Chip team to think about.