USAA and Nuance Create Financial Literacy Virtual Assistant to Help Millennials Break Negative Savings Rate
July 22 2015 - 8:00AM
Business Wire
Virtual assistant and gaming features prove
successful with savers
USAA is introducing today a free Savings Coach app, created with
Nuance Communications, Inc. (NASDAQ: NUAN). Savings Coach is one of
the first proactive virtual assistants for banking, designed
especially to help millennials save money.
The app – available to all USAA members – enables users to track
when they skip a purchase, like buying a coffee, and moves the
money they would have spent on the purchase from their checking
account to a savings account. Members are rewarded through points,
badges and new levels within the app.
“Our mission is to help facilitate the financial security of our
members, so we need to leverage technology to make it easier for
members to track their finances and find new ways to save,” said
Eric Smith, vice president, technology architecture, USAA. “Savings
Coach engages millennials through a conversational, simple
explanation of the importance of saving, analysis of spending and
ongoing suggestions for a savings plan.”
Recent data from Moody’s Analytics indicates U.S. millennials,
adults aged 35 years or younger, are not saving money. They have a
savings rate of negative 2 percent while those aged 45 to 54 have a
3 percent savings rate. Americans aged 55 and older have a 13
percent savings rate.
During a four-month pilot, the nearly 800 participating USAA
members, aged 18-24, collectively saved close to $120,000. One
member’s feedback noted, “You made a game out of saving, genius! I
don't put anything into savings now, so you guys are helping me out
big time! Thanks.”
“Virtual assistants, like the one used in Savings Coach, are
evolving to become much more personal and proactive in nature.
We’ve seen the benefit proactive financial information can bring to
our members through Savings Coach,” said Smith. “USAA was the first
financial services firm to leverage the virtual agent capabilities
of Nuance’s ‘Nina’ through our mobile application and we are
excited to again leverage the capability within Savings Coach to
more broadly help our members manage their finances.”
“Our collaboration with USAA is ushering in a new era of
customer service where artificial intelligence and self-service
merge to proactively provide information and add value to each
customer engagement,” said Robert Weideman, executive vice
president and general manager, Enterprise Division, Nuance. “USAA’s
use of our proactive virtual assistant is an example of how these
assistants can, and will, become truly ‘intelligent,’ adding a new
layer of sophistication that moves beyond automation to deliver
deeper, more personal interactions that further improve the
customer experience and build loyalty.”
Savings Coach is available for download in Apple Store at
https://itunes.apple.com/us/app/savings-coach/id986365931?mt=8 and
Google Play at
https://play.google.com/store/apps/details?id=com.savingscoach.
About USAA
The USAA family of companies provides insurance, banking,
investments, retirement products and advice to 10.9 million current
and former members of the U.S. military and their families. Known
for its legendary commitment to its members, USAA is consistently
recognized for outstanding service, employee well-being and
financial strength. USAA membership is open to all who are serving
our nation in the U.S. military or have received a discharge type
of Honorable – and their eligible family members. Founded in 1922,
USAA is headquartered in San Antonio. For more information about
USAA, follow us on Facebook or Twitter (@USAA), or
visit usaa.com.
About Nuance’s Nina Virtual Assistant
Nina leverages Nuance’s unparalleled technology leadership and
expertise in voice, natural language understanding, conversational
dialogue and advanced resolution techniques. It delivers a
compelling, multi-channel, automated customer service experience
for the consumer and the enterprise. Nina is available now directly
from Nuance in 43 spoken and 13 text languages. For more
information about Nina, visit www.nuance.com/go/nina.
About Nuance Communications, Inc.
Nuance Communications, Inc. (NASDAQ: NUAN) is a leading provider
of voice and language solutions for businesses and consumers around
the world. Its technologies, applications and services make the
user experience more compelling by transforming the way people
interact with devices and systems. Every day, millions of users and
thousands of businesses experience Nuance’s proven applications.
For more information, please visit: www.nuance.com.
Nuance and the Nuance logo are trademarks or registered
trademarks of Nuance Communications, Inc. or its subsidiaries in
the United States of America and/or other countries. All other
company names or product names may be the trademarks of their
respective owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20150722005163/en/
Nuance Communications Contact:USErica Hill,
781-888-5518erica.hill@nuance.comorUSAA Communications
Contact:Matt Walters, 210-846-2482Matthew.Walters@usaa.com
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