An assembly of earthen pots filled with coins, symbolizing saving pots in fintech

Saving Pot Features in Fintech and CoreWallet

Your bed stand is the best place to store your savings. 

Strange statement from a company with a background in the financial industry. 

But hear us out. It’s very true. In a way. Provided of course that the bed stand in question contains a specific tool often found there. This tool will become the new focal point of saving and storing money: The smartphone. 

In fintech-savvy countries like the USA, mobile devices already have a significant impact on how users access their finances. At least 63% of American users have a financial app installed on their mobile devices. German users, on the other hand, are still at odds with financial apps for the most part. 

And that’s despite the fact that digital financial applications assist users in a number of ways. An especially exciting field: Apps aiding users in saving money and gaining wealth. Neobanks and fintech companies have established a whole range of solutions that transfer their user’s money into savings accounts, set rules for automatic saving and evaluate their spending behaviors. And even more innovative: Some of those apps feature money storage containers, often called pots or virtual accounts, which allow users to allocate their savings just as they prefer. Doing so, they put traditional banking houses in a tight spot. 

Savings: A Necessity 

But is it still worthwhile to save money in the first place? 

Since several decades, we can observe interest rates rolling downward, with little hope for a soon turnaround. It’s only natural that many customers ask themselves whether putting their money on a bank is still the best option, especially if activity fees slowly melt savings instead of increasing them. 

How eagerly people put money on the side is as much a question of financial culture, though. Germany recently hit a record high of 69 billion Euro worth of savings (which did not procure a significant jump in wealth). 

On the other hand, U.S. Americans are more reluctant to savers. Up to 40% of them have less than $400 in reserves – bad news when there is an emergency. Given such situations alone, it’s important to have a few nest eggs to fall back on. Just in case. 

So saving should remain an important pillar in our financial life. But it’s not an easy thing to do for most people, as it requires a specific mindset and strong dedication. With alternatives to banks popping up in the digital realm, traditional financial institutions might find themselves to be part of the problem rather than the solution. As Jon Stein put it in Betterment:

“The world creates many reasons to buy things. Meanwhile, no part of the industry solves saving. Banks and investment managers leave it to their customers to solve.”

The Case for Digital Saving Apps

Digital money-saving applications, while largely not providing additional incentives to build up reserves, make the process of saving more convenient for the user nonetheless.  

Some apps are standalone products. They connect with the user’s regular banking accounts, moving money between accounts according to set rules – apps like Plum, Squirrel and savedroid belong within this category. 

Other money-saving solutions are part of a wide feature set of banking services, as is the case with Monzo. These accounts might also give interest rate (although fairly low) on the money stored. 

There are a number of features common in all such apps, which constitute the unique advantage they have on traditional saving processes in banks. 

1. Spending Statistics

One of the key features of many banking and financial apps are spending statistics. Algorithms – some simple, some sophisticate – evaluate a user’s transactions, categorizing and visualizing their spending habits in tables and pie charts. This makes it easier for users to control their finances and discover categories, in which spendings can be cut, to the benefit of savings. 

2. Automated Saving

A unique quality of many app-based financial assistants is that they don’t simply encourage us to save money – they trick us into doing it. Putting money on the side on a regular basis is a task which challenges our discipline. We must remind ourselves to save while keeping an eye on our finances, so we don’t “over-save”. Financial apps can tackle this problem in creative ways. For example, some banking apps round up the price of every purchase and transfer the difference to a savings account. Some apps feature even more sophisticated forms of automatic saving. They might enable users to set rules, under which circumstances money wanders into the pots. For example, every time you spend a specific sum dining out, €5 move to your “Spa Weekend” saving pot.

3. Separate Saving Pots

Speaking of which: Digital saving containers, called pots in apps such as Monzo, rank among the clearest advantages of apps in comparison to offline deposit accounts. It’s beneficial to take a detailed look at them, as the integration of separate saving containers can have huge benefits for providers of financial service apps. 

The Benefits of Saving Pots

Separate saving containers or pots represent singular saving goals and purposes, such as reserve funds for big-ticket items, holiday money or a digital “Swearing Jar”. The integration of such containers is more than just a feature of convenience. At a bank, all saved money is usually deposited on one coherent account. Status updates on one’s savings take the shape of checking the account balance via online banking platforms or at ATMs. Money stocked in an account, that’s all there is to it. 

Savings-storing containers follow a different approach. Usually, pots have a visible funding goal and a progress bar, showing how much money has already been contributed to reaching this goal. This adds just a pinch of gamification to the somber experience of building up money reserves. And it adds focus, as clear labeling can visualize the goal of saving right on first sight. Statistics and visualization also help to track progress and bolster motivation to really put the money aside. 

What’s more: Pots can work together with automated saving rules, as discussed above. That means that funds can move from one container to another, which makes smart saving decisions possible. 

Shared Saving Pots

The abundance of digital ways to connect with other people today makes way for one final,   promise full functionality in savings applications: Shared saving pots. They are connected to several accounts and allow contributors to save towards a common goal. This makes them a worthwhile choice for families, groups of peers and even private organizations – once common banking regulations such as KYC or CTF are adhered to. 

Shared saving is also one of the features which are not easy to develop, on the software side of things, as we will see right away.

Building Savings Pots: 2 Variations 

In theory, anyone with access to account statement data can build a savings app. Yet, there are two ways to organize money-saving in applications. We will mostly concentrate on the second type, with the former having a number of disadvantages and does not allow shared saving pots. 

1st Type: Pots on Wallet Level

Digital saving pots can either be realized as separate wallets or as subaccounts linked to one wallet. We will call those subaccounts wallet accounts here as we do in the context of CoreWallet, our emoney management software framework, which can implement both types of saving pots. 

Wallet accounts have some advantages when it comes to the logical separation of funds. Savings are not transferred from one (bank) account to another one. Instead, the funds remain within one (bank) account. The money meant to be saved is booked to a separate wallet account to logically split it from the “available” balance. It still can be displayed accordingly in a UI/frontend.

However, these wallet accounts are not genuine accounts. No (real) money has been withdrawn from the main account and transferred there. This means that the “savings containers” don’t affect the balance of the actual account. There is no blocking mechanism preventing the savings from being spent or disappearing from the account once it gets cleared. 

It’s just money with a different denotation attached to it. For detailed information, consult the CoreWallet Documentation.

2nd Type: Pots as Different Accounts

In this variant, every savings pot exists as a new, full account, related to a user’s general account. A wallet system, connecting to the accounts via a PSD2 API, projects and regulates transactions between those accounts. It’s there, where account balances are monitored and where routines are executed – if money moves from one account to the other, it’s displayed in the wallet system as well. 

Integrating a simple reconciliation logic into the wallet system also makes automatic saving possible. It allows the service providers to integrate an algorithm which processes balance statements and determines actions. The user can set rules using a frontend built upon the wallet system. For example, they order the system to “save €10 whenever I eat outside”. The wallet system would then inspect the general account statements for entries that signify eating at restaurants and puts transactions to the saving account in motion. 

Setting up Saving Pots With

The Logo of CoreWallet, the Emoney and virtual account management solution by trimplement

CoreWallet can be used as a solid software foundation for the backend of a wallet system. It is all set to integrate the functionalities a service provider requires: 

  • User / Wallet Registration
  • Authentication Processes
  • Ready for KYC and AML Compliance
  • Emoney Management
  • Audit Trail
  • Tracing of Transactions

The CoreWallet backend can also be adapted to dock a PSD2 API. It is then set to allow more advanced saving pot features, such as: 

Social Savings

Processed by the CoreWallet backend, saving pots can be connected to each other to form a whole saving network. There, groups of people share saving pots, allowing them to transfer their emoney to them. CoreWallet can also act as a foundation for peer-to-peer transactions or a payment system based on saving accounts – the wallet provider manages the accounts and allows users to choose which account to debit for purchases. 

(Please mind, though that such business models must be counterchecked to adhere to the effective regulations of the countries the service is available in – compliance is a key business factor. However, CoreWallet is designed to adhere to KYC and anti-fraud measures taken.)


Saving features in digital finance apps have the potential to influence our spending behavior for the better, providing new incentives and convenient ways to build up monetary reserves. Among them, digital saving pots hold great potential for innovation. By designing specific rules, locks and bolts, interacting with each other, digital saving accounts can be set up to react to our spending habits and overall financial situation. 

In the end, it’s up to your business to find new lines of thought and develop specific use cases for your financial app. What you can rely on is, that CoreWallet is all set to support you with a battle-proven, yet flexible software framework.

The start-up stage at Money20/20 Europe

Our Experiences at Money20/20 Europe 2019

You have a block of lead. You want a block of gold. How to get from one to the other has bothered the alchemists of old. We learned that such effort is pointless. We know more dependable ways to distill money. The formulas have changed: They are written in code and algorithms rather than ink. They manifest inside banking apps, online marketplaces or blockchains rather than flasks in a candlelit laboratory. And they drive thousands of people from all over the world to gather at the Money20/20 conference in Amsterdam just to show, discuss and innovate them.

Our co-founders Natallia Martchouk and Matthias Gall were among those modern “alchemists of finance”. From June 3rd to 5th 2019, they had traveled to Amsterdam. The mission: Meeting with other movers and shakers of the fintech, payment and banking industry.

Our co-founder Matthias Gall, walking the turquoise road of Money 20/20 Europe.
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Asia, India, the Middle East

Payment around the world – where were we? In the previous articles of this series, we devoted ourselves to different payment landscapes of the globe. And with the trends and challenges, we found there.

But no matter which region we looked at: All of them stood on the verge of digital transformation or have crossed that line. China and the USA press ahead in terms of payment innovation, as we have seen in our second article. In other countries, digital payments are still in the process of taking hold in the populace. The changes they bring have already become apparent. Digital payment services play the role of an equalizer, especially for the unbanked people. Developments in Africa‘s and Latin America’s payment landscape, as detailed in the first article of this series, stand as an example for this.

We will see if those tendencies manifest in the last waypoints of our journey, too. So, let’s move on, shall we?  

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Financial education. It starts with simple questions. Just like this one:

For her 9th birthday, Emma asks her parents to put money on a savings account, instead of buying her presents. She rather wants to celebrate her next birthday in style, with party assets worth 200€. At a yearly interest rate of 5%, how many Euros must be put into the account to fulfill Emma’s birthday wish?

Sound familiar, such questions, right? We all had to answer a fair share of them in math class during 8th grade. Looking at them today, they still are tricky to answer for many of us. And you would have to explain your child, that putting €4000 on a savings account tears a big hole in your financial planning. And only under the premise that you would find a bank providing 5% interest on savings accounts. Which you wouldn’t. Emma, who already showed prudence in her financial behaviour not normally seen in her contemporaries, still has to face some hard truths.

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Payment Around the World – Part 2

USA, Canada, Australia, China

When exploring the payment preferences of the world, you have to go places. In the first part of our article series, those places were Europe, Russia, Latin America, and Africa.

The takeaway: Hard cash dies hard in many parts of the world like Germany, Hungary, Russia, and Brazil. But digital payment services have taken up the fight. They give new options to emerging countries with vast numbers of unbanked people. Mobile access to finances and digital-only money accounts help integrate the unbanked, so they can become proactive contributors to the financial system.

But it’s a large world with a great number of payment landscapes still waiting to be sketched. In this article, we will take a good look at the clashing fintech forerunners USA and China, as well as Canada and Oceania. So, let’s go!

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April Fools’ Joke: The First Physical Emoney Coin

For over many years, trimplement has been active as a provider of emoney management software and digital payment solutions. But working for the fintech and finance sector, you have to accept one simple truth: Innovation warrants movement. To keep the pace in the ever-changing online sphere, you have to abandon old certainties and take bold steps forward. 

So as it’s the beginning of a new month, we reveal our exciting new project:

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We do a lot of things online. We shop at online marketplaces. We rent movies at online video libraries. We manage our finances in online banking apps – all from the comfort of our homes. On the downside, criminals don’t have to stand up from their couch either, to rob your bank or steal your private data. Internet crime and assaults on cybersecurity occur in increasing numbers. Banking institutions are a popular target, as are their little, nonconformist peers: Fintech companies.

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When pondering on digital transformation in the financial industry, one quote by Bill Gates comes to mind. Admit it, you know which one. It just fits perfectly, as we see tech giants leave their mark with emoney payment solutions like Google Pay and Apple Pay. Bill Gates said: 

We need banking, but we don’t need banks anymore

He said this in 1994. The millennial generation probably did not listen to his words back then – living the kid life requires full attention. But today, millennials resonate very much with Gates’ words. According to research by Global Banking Insights, at least one-third of all US millennials believe that they will soon live a life without banks. 

And they might have a point. The number of customers inclined to use online banking services has doubled over the last 10 years. As a result, the demand for digital finance applications increases — and quite a few banks struggle to deliver on that front. The internet is not their native environment. Fintech companies try to capitalize on this, using their technological expertise to disrupt the tried and true ways of banking.

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The new year 2019 is still young, but the old year’s legacy can still be felt. So a fintech end-of-year review is in order, as 2018 had many opportunities to make an impact.

365 days, to be exact, during which the fintech industry came up with unforeseen novelties and thrilling developments: The online payment, cryptocurrency, and digital finance sectors presented themselves as versatile and volatile. There is much to look at in our fintech retrospective, from the cryptocurrency decline to the new challenges and changes in mobile payment.

So let’s approach this giant of a year from different angles. We asked our three co-founders, what kept them occupied in 2018 in different areas of fintech.

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