Can a mobile app motivate consumers to make “impulse saves”?
Piggymojo built an online and mobile tool that uses goal visualization, social sharing and mobile technology to help savers turn impulse buys into “impulse saves.” Piggymojo partnered with OneWest Bank and NBA Hall of Fame player Magic Johnson to launch MAGIC Mojo, a savings feature for the reloadable prepaid MAGIC card.
An evaluation of the pilot was conducted by the UNC Center for Community Capital. The project received funding from the Center for Financial Services Innovation’s Financial Capability Innovation Funds. A partnership with a collaborative of funders led by the Citi Foundation, the Funds provided support to innovative projects designed to help low-income and underserved consumers adopt positive financial behaviors.