True Potential was one of just five UK-headquartered companies to showcase new technology at FinovateFall 2014, which highlights the biggest innovations in banking and financial technology.
We demonstrated impulseSave®, our first-of-its-kind technology, unique to True Potential, which allows clients to make micro-payments into their investments whenever and wherever they choose.
With the touch of a button, clients can top up any investment vehicle that isn’t housed within a bank. They can add as little as £1 or as much as needed to keep their investments on track or to reach their financial goals faster.
True Potential was one of just 70 companies to have made it through the rigorous selection process, allowing Senior Partner, Daniel Harrison, and Head of Mobile Applications, Paul Outterside seven minutes to demo the technology in front of an audience of more than 1,400. The pair provided a sneak preview of the technology used on Google Glass, which is set to be launched for True Potential Investor clients later this year.
The UK is facing a savings crisis like never before, with people failing to save enough for a comfortable retirement. Our approach is to make saving and investing more accessible and a simple part of everyday life. impulseSave® makes investing on-the-go, using technology, a reality, and it’s designed to change savings behaviour and help people reach their personal goals.
Daniel Harrison, Senior Partner at True Potential LLP commented: “impulseSave® was built completely in-house by our team of developers based in Newcastle-upon-Tyne, and so it was great to take the technology to the US and showcase the top-up technology and our online investment service, True Potential Investor, on an international platform. Our team is extremely proud that we are pushing the boundaries of financial technology from our base in the UK.
“The idea behind impulseSave® is that savers can make small lifestyle changes to keep their investments on track or grow their money faster. For example, instead of purchasing a coffee each morning or making an impulse purchase, small sums can be added to investments using a smart watch, smart phone or tablet device, on-the-go. This is already proving a successful concept. Since we launched impulseSave® in March 2014, 40 per cent of all transactions have been £10 or under and many investors are repeat users. We know that, until now, if someone had £10 or less to spare they would be unlikely to invest this due to the amount of effort required. With True Potential Investor, it has never been simpler to invest.”
The investments ‘top-up’ technology is also available on our award-winning Wealth Platform, which is used by over 22% of financial advisers and more than 32,000 clients across the UK.
Eric Mattson, Finovate CEO added: “It was great to have True Potential on board to demo its innovative technology for changing the way people save. Helping people to save money is a critical area for innovation in FinTech and True Potential’s impulseSave® has exciting potential.”
Commenting on impulseSave®, financial technology expert Ian McKenna from the Finance & Technology Research Centre (F&TRC) said: “Enabling impulse savings has been the holy grail for many in the digital finance market. impulseSave® is the first system that I’m aware of to allow small ‘top-up’ payments into investments. Previous micro-payments have focused on cash deposits, but this new service allows actual investments with small amounts of money. The system is very easy to use and is good news for savers.”
To find our more about impulseSave®, watch our ‘Spotlight on Technology’ video series.