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SmartyPig co-founder Jon Gaskell on how the social banking website helps consumers save money.
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-- for something big anytime soon vacation wedding even a new big screen TV.
One site may help you reach your financial goal a whole lot sooner and without the social -- your friends and family well they conviction to -- they want to.
Here anyway and -- gas gold co-founder of social money John welcome to the show -- the familiar with your site for a long time.
Now tell me about the big idea behind it.
Well -- -- -- get is essentially an FDIC insured.
Online piggy bank where people as you said can save up for very specific things.
-- -- -- back to school shopping.
And they're able to use leverage social media as -- also their friends and family members can can -- in.
And they can share the entire saving experience had to come up with this idea.
It was pretty simple actually my business partner decided that he wanted to save up for some thing without using credit.
I don't know if it was a big idea I think that my my grandparents would -- -- more like common sense instead of innovation and but because technology that -- out of the features that we about it.
It's really taken off.
-- you know at this this year recovery has been around for awhile and that we talked for a few seconds before we actually did this interview what I said hey congratulations to you.
You're one of the few journalists I know who have actually been able to turn an online -- effort into money.
Tell me -- -- expanding this idea with other bank.
Well we we started with smarting -- dot com and it's still.
You know great.
Play for us.
People are joining every day people are saving up doing the right -- sharing the experience and -- we've done.
His we've taken our technology.
And allowed any bank in the world and any merchant any prepaid company any payroll services company.
To.
Essentially customized.
And and utilize -- so that their customers can save up for things as well under their brand.
What's your return -- -- investing with you.
It's 1%.
And is Sarah layered amount on topic that was some institutions.
Are now.
No there's not and it's 1% are for any amount kinda understood -- and that information OK OK you've collected some three million in savings as I understand that people gone online to -- with -- some three billion dollars that's pretty impressive.
People have -- definitely turn to us for their specific goals.
And again because of our technology because of we're offering the futures -- people want.
Especially in this economy.
They found us to be a very trusting place although we're an alternative financial services products.
Other very comfortable saving with us and and sharing that experience.
Is -- do you think that people believe like it as site like yours is what's missing in banking in the banking world today.
Well I I think that what's missing in banking is the ability to engage the customer and again.
Talk to them and and -- one on one manner because of what we're doing with social media.
Because -- -- that customers share that experience because we're giving them and you know look into the future so to speak.
How we do help them engage the customer and I think that that's been missing for probably a couple decades now -- John thanks for coming on tonight we really appreciate your time.
Hey Gerri thanks for having me.
