Aussie FinTech Douugh introduces 'Savings Jar'

Australian consumer FinTech company Douugh is kicking off its visual “Savings Jar” feature as it widens the availability of its artificial intelligence (AI)-assisted bank account with a Mastercard debit card, Mastercard said in a press release on Thursday (Sept. 19).

The Savings Jar component is structured to assist Douugh users with picturing and pursuing their savings goals.

There is a waiting list in the U.S. to join Douugh and the company is targeting the 83.1 million-plus millennials in the country.

“Seventy percent of Americans live paycheck to paycheck and do not have $1,000 in savings. The launch of Savings Jars and specifically the launch of our default Rainy Day jar feature, will help our customers live financially healthier by getting them to save up to $1,000 as cover for unexpected expenses, or achieve a specific saving goal like a deposit for a home,” said Douugh Founder and CEO Andy Taylor.

A premium subscription service is also in the works and will offer advanced AI money management essentials as well as cash rewards and investment jars.

“Douugh is a disruptive financial technology platform that uses AI to help people change their relationship with money,” Taylor said. “We want to be exclusively focused on fostering financial wellness for our customers.”

Douugh partnered with Mastercard earlier this year and rolled out a co-branded Douugh debit card in the U.S.

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Source: Aussie FinTech Douugh Introduces ‘Savings Jar’ | PYMNTS.com