In the following, we elaborate on SNBL, its potential to help traditional banks drive customer engagement, create new value, and power revenue growth.
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The challenge has always been how to monetize these savings programs and turn them into revenue-generating endeavors.
Most banks have a range of features to encourage putting money aside including rules for automatic saving, tools to monitor spending patterns, and goal setting. The concept of encouraging customers to save for a big purchase is not a new one for bankers. Additionally, the competition for deposits has intensified, sharpening the need to find cost-effective ways to incentivize bank customers to save. Consumers are also eager to receive personalized, AI-driven financial wellness experiences, creating an opportunity for banks to leverage SNBL to differentiate themselves, deepen engagement, and generate growth. With rising interest rates, a looming recession, and job losses, SNBL can be a less-risky payment method compared to unsecured loans like credit cards or Buy Now, Pay Later (BNPL). It offers a unique opportunity for revenue growth and differentiation at a critical time for traditional retail banks. Save Now, Buy Later (SNBL) is a new payment experience where customers create savings plans to make purchases with a merchant in exchange for discounts or rewards. As interest rates rise, how can banks leverage new digital savings experiences to attract and retain deposits? What is the revenue potential? A new payment method centered around saving is turning the concept of Buy Now, Pay Later on its head.
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