Innovating Personal

Savings WITH USE OF

Gamification:QAPITAL
PRESENTTED BY-
SONAL SINGH (22GSOB2010762)
SAMYAK JAIN(22GSOB2010249)
CHIRAG GUPTA(22GSOB2010247)
AYUSH LAMBA(22GSOB2010252)
SHIVAM MISHRA(22GSOB2010357)
HARSH CHAUHAN(22GSOB2010350)
RISHABH SRIVASTAVA(22GSOB2010508)
Introduction

 A personal finance app called Qapital employs gamification to

encourage users to make financial savings.
 On Google Play and the App Store, it has received more than
78,000 five-star reviews. To create its products, Qapital collaborates
with Duke University behavioural science expert expert Dan Ariely.
 Collaboration between academia and startups has important
ramifications for comprehending how people behave financially.
 Startups can learn about the most recent findings in the field of
consumer financial behaviour by collaborating with academics.
BACKGROUND

 Katherine Salisbury and George Friedman launched the personal

financial app Qapital. As their family grew, the couple began to feel
financial strain, which gave rise to the idea for the app. Banks did
not provide the automated transfer of funds to savings, investments,
bills, and spending accounts that they desired.
 Qapital was first introduced as a personal finance dashboard in
Stockholm, Sweden, but it later changed its emphasis to cost-cutting
and relocated its headquarters there. The creators came to
understand that the American market had a greater possibility for
venture capitalist funding and was more receptive to granting data
access to financial startups.
BACKGROUND

 Consumer financial services advice is not offered by Qapital

because it is not a bank. As an alternative, it collaborates with other
banking partners and financial technology firms to offer its services.
2014 saw Qapital team up with Plaid, a company based in San
Francisco that designs and produces financial APIs. Through this
collaboration, Qapital was able to acquire user bank information
and give them access to real-time money tracking.
 Because of its emphasis on automation and gamification, Qapital is
a well-liked option among individuals trying to change their financial
behaviour. The software has received accolades for being simple to
use and for assisting users in automatically saving money.
OPERATIONS AND ANALYSIS

 A personal finance app called Qapital automates budgeting and

spending.
 By putting more of an emphasis on saving and spending goals
rather than the constrictive negativity of budgeting, it takes a
positive approach to saving.
 More than 180 apps, including Facebook, Twitter, Dropbox, Uber,
GitHub, ESPN, and Instagram are linked to Qapital.
 Users must name their goal, choose a financial goal, and select a
photo to set up a savings goal on Qapital.
OPERATIONS AND ANALYSIS

 Additionally, users can enter their spending plan and set a savings
objective, with any extra funds going towards the chosen goal.
 If customers go over their budget for purchases, the Qapital app
can be used to penalise them.
 Additionally, users have the option of pre-allocating funds for
activities they had planned but never carried out.
 Users of the Qapital app saved USD 6,000 annually on average.
However, if merely the savings target was chosen, this was
decreased to USD 1,500.
BEHAVIORAL SCIENCE

 A personal financial app called Qapital uses behavioural science

concepts to assist users in saving money.
 It bases one of its guiding principles on the idea that having a
tangible reminder of one's financial objectives encourages people
to save more. For instance, Qapital enables users to create rules so
that cash is automatically put into a savings account whenever they
spend money on specific items, like dining out or coffee.
 Additionally, Qapital leverages the concept of opportunity cost to
assist clients in saving money. Users are shown how much money
they could save by making various decisions in order to accomplish
this. For instance, it may demonstrate to a user how much cash they
could save if they reduced their consumption.
THEORIES OF BEHAVIORAL SCIENCE

 Theories from behavioural research that Qapital employs:

 Nudging: Minor alterations to the environment that have a
behavioural impact without limiting people's freedom of choice.•
Loss aversion: The propensity to seek out gains over losses.
 Social norms: The unspoken guidelines for what constitutes
appropriate conduct in a particular group.
 Setbacks: Automatically deposits a certain sum into your savings
account if you fall short of a savings target. (Aversion is lost)
 Community Goals: This feature lets users see how much money their
neighbours are setting aside for shared objectives. (Social norms)
STRATEGIC GROWTH

 Partnerships between startups and other companies to launch new

products and develop new business
venturesIntroductionPartnerships between startups and other
businesses can be very important for the introduction of new
products and the creation of new business initiatives. This is
especially true for Qapital, a business that leverages theories from
behavioural science to assist people in saving money and achieving
their financial objectives.Gains from PartnershipsGaining access to
new resources and knowledge; boosting credibility and trust; and
decreasing riskExamples Particular to QapitalFinancial advisors and
banks should collaborate to offer Qapital's savings solutions to their
clients. Credit card companies could collaborate to offer Qapital
rewards for using their cards.
WHY WE NEED APPS

 To more simply save money.By automating saves and giving users

access to several saving options, Qapital makes it simple to save
money. For instance, users can configure rules so that cash is
automatically deposited into a savings account whenever they
spend money on specific items, like dining out or coffee.without
consciously trying to save money.
 By automating savings, Qapital enables consumers to save money
without having to worry about it. For those who are busy or find it
challenging to save money on their own, this can be
helpful.achieving financial objectives.By giving customers a method
to constantly save money and monitoring their progress, Qapital
can assist people in achieving their financial objectives.
Explain the significance of partnerships
between startups and other companies in
developing new business endeavours and
products in the context of Qapital.
 Access to resources: Startups frequently lack the tools necessary to
create and market new goods on their own, including funding,
knowledge, and infrastructure.
 Partnerships with other firms can give startups access to these resources
and help them to bring their products to market more quickly and
efficiently.Complementary skills and assets:
 Startups and other firms can have complementary skills and assets that
can be combined to create new products or services.
 For example, Qapital could partner with a bank to offer its savings
products to the bank's customers.Market reach: Other firms may have a
larger market reach than startups. Partnerships can help startups to
reach a wider audience and to generate more sales.