Sav simplifies money management

Sav simplifies money management

Purvi Munot, CEO and Co-Founder, shares her journey with Sav from ideation to its successful execution and elaborates on the challenges she faced during this process. She also emphasizes the importance of simplifying money management for the digital savy generation.

Introduce Sav to our readers.
Sav is a goal-based savings app that empowers users to work towards their financial objectives. We focus on sustainability in personal finances. In a world obsessed with rampant, borrowing-led consumption. It is not your typical money-saving app; We create a good and fun feeling by introducing rules and rewards such as offers from more than a thousand merchants and Sav coins to indulge with your lifestyle. We focus on the massively overlooked spectrum of making an average user’s money management journey effortless and rewarding.

We aim to bring them out of unsustainable debt burdens. We want them to be more creditworthy for essentials. And to be in complete control of their money, despite being in any part of the globe as migrants. For GCC, this has equal impetus from local governments to increase household savings and to support 6/13 SDGs via effective money management. We are using technology for good to bring this vision to life.

What drove you to conceptualise this idea?
My love for simplicity and innovation in the financial industry has critical key motivators throughout my entrepreneurial journey. With a consumer banking and management consulting background, I have been fortunate to introduce ground-breaking products such as CitiBusiness OneWorld, Paytm First Credit Card, IKEA Virtual Credit Card, and Lending at Point-of-sale solutions.

These experiences have profoundly influenced my perspective as the Co-Founder and CEO of Sav, where my primary focus is revolutionising people’s interaction with financial services. With unwavering determination and a comprehensive understanding of the industry, my goal is to propel Sav to unprecedented success and continue shaping the future of financial services.

What initial challenges did you face to realise this concept, and how did you manage the funding?
We faced several initial challenges while realising the concept of Sav. One of the main challenges was building a robust and secure platform that could handle financial transactions efficiently while ensuring the safety of our users’ data. Developing a reliable infrastructure requires extensive research, collaboration with experts, and investing in advanced technology solutions.

Another significant challenge was gaining the trust and confidence of potential users. As a new player in the fintech industry, we needed to establish credibility and differentiate ourselves from established financial institutions. We addressed this challenge by focusing on transparency, providing clear information about our security measures, and offering user-friendly features that added value to our customers’ financial lives.

We employed a multi-faceted approach to secure the necessary resources. We initially started self-funding and bootstrapping to develop the initial prototype and prove the viability of our concept. Once we had a working model, we approached angel investors interested in the fintech sector. We showcased the potential of Sav, highlighting our unique value proposition and the market demand. This helped us secure early-stage funding to fuel our growth and expand our team.

We also leveraged strategic partnerships with established financial institutions and technology providers to access additional funding and resources. These partnerships allowed us to tap into their expertise, gain credibility, and further enhance our product offerings.

Moreover, we are growing our presence in the region through strategic participation in events such as the recent exhibition, Seamless Dubai 2023, where we also secured the Seamless Fintech Pitch-off Award through curated presentations.

Which section of your society is Sav app targeting?
The primary target audience for the Sav app encompasses individuals who are transitioning from a carefree lifestyle to the responsibilities of adulthood, typically ranging in age from 22 to 49. These individuals, couples, and young families may start their careers, establish financial independence, and seek ways to manage their money effectively.

However, it’s important to note that the Sav app is designed to be user-friendly and easily accessible, making it appealing to a broader demographic. This includes the “Google generation”, or tech-savvy individuals who are comfortable with digital platforms and embrace technology daily. By offering a seamless and enjoyable user experience, Sav aims to make saving money effortless and enjoyable for many users.

Whether someone is a young professional embarking on their financial journey or part of the digitally inclined generation, Sav caters to their needs by providing a user-friendly platform that simplifies saving money and makes it a fun and engaging experience.

With cybercriminals resorting to AI-based attack techniques, how safe is the Sav app?
Sav prioritises the security and safety of user information. We have implemented robust security measures to protect against cyber threats. Our team continuously monitors and updates the app’s security protocols to stay ahead of evolving threats and ensure user data remains secure. We are dedicated to providing a safe and secure environment for our users’ financial information.

With the advent of new AI-based data analytical tools, where do you see Sav app over the next 2 – 3 years?
I envision Sav evolving and leveraging the power of AI-based data analytical tools over the next 2-3 years. Here are a few areas where we see Sav making significant strides:

● Enhanced Personalization: AI-powered data analysis will enable us to gather deeper insights into our users’ financial behaviours and preferences. With this information, we can deliver highly personalised recommendations and insights to help users optimise their financial decisions. By tailoring our services to individual needs, we aim to provide a truly customised and intuitive user experience.

  • Advanced Risk Assessment: AI-based data analytics can significantly enhance our risk assessment capabilities. By analysing a wide range of data points, including transaction history, spending patterns, and market trends, we can develop more accurate risk profiles for our users.
  • Intelligent Savings and Investment Strategies: We can offer more intelligent and dynamic savings and investment strategies with AI-driven data analytics.
  • Fraud Detection and Prevention: AI-based data analytics can be crucial in identifying and preventing fraudulent activities. Sav can detect anomalies and suspicious activities in real-time by continuously monitoring transactions, user behaviour, and patterns.

Overall, Our focus will remain on empowering users to make informed financial decisions, optimising their economic well-being, and providing a seamless and intuitive user experience.

Can you offer a sneak peek into the next major update that you are working on for Sav app?
Every month, we churn out tonnes of exciting new features, making Sav as interactive and engaging for the users as possible! We are currently most excited about how Sav will make it seamless for our users to save specifically for the products they love and enable them to buy them from the Sav app. Through this, we will make savings more accessible, organised, targeted, and rewarding. However, we don’t want to get ahead of ourselves or blurt out any spoilers, so we’ll reveal more about this feature once it’s live!

How would you differentiate Sav app from other similar solutions that are available?
At Sav, we strongly believe in making money management a fun, simple, and rewarding experience. That’s why we have developed an innovative digital solution that enables you to save based on your goals while earning rewards for every dollar saved. Our app is conveniently accessible at over a thousand merchants, allowing you to save effortlessly on your everyday purchases.

What sets us apart is our unwavering focus on simplicity and transparency. We understand that traditional banking products can be convoluted and perplexing, so we have designed a user-friendly experience that makes saving easy and enjoyable.

Compared to other financial institutions, we offer significantly higher rewards for saving. While traditional banks may provide minimal benefits, we offer remarkable rewards to incentivise your savings efforts. Moreover, our extensive network of merchants enables you to earn rewards on your day-to-day transactions, facilitating the achievement of your financial goals with greater ease.

What is your advice to other budding entrepreneurs?
To ensure financial wellness and success in life, I advise everyone to establish clear economic aspirations and create a realistic budget that serves as a compass for decision-making, ensuring that your expenditures align with your objectives. It is essential to foster a mindset of saving and regularly allocate a portion of your income towards savings, even in small increments. Exploring investment opportunities, diversifying your investments, and staying well-informed about personal finance and market trends are also crucial.

Building a supportive network of like-minded individuals and utilising financial technology tools can provide valuable guidance and motivation on your financial journey. Remember, acquiring wealth and achieving success requires patience, discipline, continuous learning, and informed financial decisions.

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