FAQs

1. How many months of data on a customer’s account is needed to calculate an eligibility segment?
2. How often is a customer’s eligibility segment for Smart Save updated?
3. What are the default transfer request values for Smart Save?
4. How is the customer’s estimated monthly savings amount calculated?
5. How does Personetics decide which checking account to recommend to a customer, and how are eligible checking accounts ranked?
6. How does the money transfer process work for Smart Save?
7. How does Smart Save prevent overdrafts?
8. Can customers track the savings they have from Smart Save?
9. Will customers see program tracker insights when they are enrolled in Smart Save with Goals?
10. Can joint accounts enroll in Smart Save?
11. Can additional invitation channels outside of the Personetics insight be used to invite customers to the program?
12. Can a customer enroll in Smart Save without a savings account?
13. Can a customer pause Smart Save?
14. What bank reporting is available for the Smart Save program?

How many months of data on a customer’s account is needed to calculate an eligibility segment?

The default value is 4 months, otherwise the customer is bucketed into the “Not Enough Data” segment. This value can be lowered at the bank’s request.

How often is a customer’s eligibility segment for Smart Save updated?

Each customer should be included in the financial mapping batch process once every 14 days (or approximately twice per month). Any updates to their eligibility segment will occur as a part of this batch process.

What are the default transfer request values for Smart Save?

How is the customer’s estimated monthly savings amount calculated?

For customers in the Eligible and Above Criteria segments, an estimated monthly savings amount will be calculated. This calculation is based on a function that looks at the customer’s average monthly expenses. For more detail, see the Personetics Smart Save Program Eligibility Process document.

How does Personetics decide which checking account to recommend to a customer, and how are eligible checking accounts ranked?

Personetics will recommend the checking account with the highest estimated monthly savings amount to the customer; in the case of a tie, the checking account with the highest number of expenses in the last month will be recommended. The customer’s checking accounts will be ranked by estimated monthly savings amount (from highest to lowest), with the tiebreaker being used to determine the higher rank when the estimated monthly savings amounts are equal.

How does the money transfer process work for Smart Save?

A daily transfer decision batch is run for the enrolled customers which includes 3 sequential steps:

1. Analyze and decide whether it’s safe for the customer to save that day
2. Calculate an amount to save
3. Send transfer requests to the bank

How does Smart Save prevent overdrafts?

Smart Save has a process for determining when it is safe for a customer to save money and calculating an amount that is safe to save. For more information on this process, please refer to the Personetics Smart Save Money Transfer Decisioning Process document.
Additionally, customers can set the following preferences to exercise control over Smart Save’s money movement:

• Minimum balance to allow a transfer (this is a lower limit on the account balance that the customer can impose – when the balance is below this number, no transfers will be made)
• Maximum monthly transfer amount (this an upper limit on the amount of money Smart Save

Can customers track the savings they have from Smart Save?

Yes. They will have a program tracker insight that will give them information on their savings through Smart Save:

They can click into this insight to see more detail on their total savings through the program, monthly savings amount, and a list of Smart Save transactions:

Will customers see program tracker insights when they are enrolled in Smart Save with Goals?

No. When a customer has Smart Save with Goals, the Goal Tracker insight and story takes the place of the Program Tracker insight and story.

Can joint accounts enroll in Smart Save?

Yes, a jointly held checking or savings account can be enrolled as either the funding or target account of the program, respectively. The bank has the option to disallow enrollment for joint accounts, however.

Can additional invitation channels outside of the Personetics insight be used to invite customers to the program?

Yes, the bank can decide to use additional invitation channels, such as text or email.

Can a customer enroll in Smart Save without a savings account?

No, a customer must have a savings account to enroll in Smart Save. If a customer does not have a savings account, Personetics and the bank can incorporate savings account opening into the onboarding flow for Smart Save.

Can a customer pause Smart Save?

Yes, the out of the box policy is to allow customers to pause Smart Save for up to 3 months, with the ability to resume prior to the user-defined pause end date.

What bank reporting is available for the Smart Save program?

Personetics provides business intelligence dashboards in Microsoft PowerBI for the bank to use to gauge the success of the program. These dashboards include metrics like the number of enrolled/unenrolled/paused customers, amount transferred, average transfer amount, industry benchmarks and much more.