Dubai fintech startup rewards you for Sav.ing
Sav Technologies – the Dubai headquartered fintech startup – is ticking all the right boxes as it steams ahead with its flagship Sav. branded personal financial management app that enables consumers save money while also earning rewards for doing so.
A home-grown business success story boosted by the Dubai-based Mohammed Bin Rashid Innovation Fund’s accelerator initiative and registered at the Dubai International Financial Centre (pictured), the UAE market holds much potential for this startup that only launched in 2022.
In this exclusive interview, Purvi Munot, CEO & Co-Founder, Sav Technologies (pictured) explains all things Sav.
Excerpts from the interview:
What prompted the launch of the Sav. app in the UAE market?
A surge in BNPL (Buy Now Pay Later) products and easy availability of credit has led to a large portion of the UAE population spending more money than they earn monthly. Financial concerns were identified among the top causes of stress, and among the many factors that led to the launch of Sav.
Additionally, the rising demand for simplicity and innovation in the financial industry was another factor that birthed the idea of our app. Having a background in consumer banking and management consulting, I have had the opportunity to introduce groundbreaking financial products like CitiBusiness OneWorld, Paytm First Credit Card, IKEA Virtual Credit Card, and more.
Professional experiences like these have significantly shaped my perspective as the Co-Founder & CEO of Sav., where my primary focus is to change how people confront financial services. With relentless determination and a comprehensive understanding of the industry, my ultimate goal is to propel Sav. to unprecedented success and continue shaping the future of financial services.
What specific UAE market niche does Sav. fit into?
Sav. fits perfectly well in the financial wellness and savings niche. Most innovation in the fintech space occurs in BNPL or credit issuance at POS (Point of Sale). However, savings and money management continue to be a white space, and with Sav., we have capitalised on that.
Who are the target customers of Sav.?
Sav. primarily targets young professionals, couples, and families. However, the user-friendly design of the app appeals to a broader demographic, including the ‘Google generation’ that is comfortable with digital platforms.
Sav. aims to provide a seamless and enjoyable user experience, making saving money effortless and engaging for users of different ages. Whether starting their financial journey or being part of the digitally inclined generation, Sav. caters to users’ needs by simplifying saving and creating a fun and user-friendly experience.
The app appeals to individuals across diverse income brackets, focusing on personalised savings solutions. As for the educational background, there is no specific requirement, as the app is designed to be user-friendly and accessible to individuals with varying levels of financial knowledge and educational attainment. The primary consideration is the user’s interest in managing their money effectively and seeking a simplified approach to savings.
What is the particular appeal of the UAE market for Sav.?
The UAE market presents a compelling appeal for Sav. due to several key factors. Firstly, the country boasts a growing tech-savvy population that embraces digital solutions, making it receptive to innovative financial apps like Sav.
Secondly, the expanding middle class in the UAE seeks efficient and convenient financial management tools, which align perfectly with Sav.’s user-friendly features and personalised savings solutions. Additionally, the UAE government and financial institutions have actively promoted financial literacy and wellness, creating a conducive environment for an app like Sav. that empowers individuals to enhance their financial management skills.
Lastly, the UAE’s substantial financial services industry provides a solid foundation for Sav. to tap into, leveraging the available infrastructure and expertise to offer a comprehensive and competitive savings solution. With these factors in place, the UAE market offers a promising landscape for the success and growth of the Sav app.
In one sentence, how do you convince a potential customer that the Sav. app is right for them?
Sav. makes savings convenient, automated and rewarding.
What factors differentiates Sav. from other personal finance apps in the UAE market?
The main factors that differentiate Sav. from other apps in the market include hyper-personalisation, automation, and rewards. Sav. provides hyper-personalised savings options tailored to respective users, allowing them to set their monetary goals according to their specific needs and priorities.
Sav. uses a user-centred approach, emphasising simplicity and usability. We solve three key consumer problems – understanding money, crushing debt, and planning purchases in advance.
Moreover, Sav. offers goal-based savings for consumers where they can set their own goals and save at their own pace; and for every savings milestone achieved, Sav. rewards users with complimentary coffee, movies, meals, and more.
Why should UAE residents choose to use the Sav. app?
The Sav. app offers compelling reasons for individual consumers in the UAE to choose it. With hyper-personalised savings solutions, users can create financial goals according to their needs. Sav.’s user-centric design emphasises simplicity and ease of use, making financial management accessible even for those with limited financial knowledge.
Additionally, the app provides various tools and resources for effective financial management. Our vast network of merchants allows users to earn rewards on everyday transactions, making reaching financial goals more accessible.
How are the challenges of popularising the Sav. app among UAE residents being met?
Popularising the Sav. app among UAE residents poses several key challenges, but our team has implemented various strategies to overcome the challenges. One challenge is creating awareness about financial literacy and emphasising the importance of good money management. Sav. invests in targeted marketing campaigns, leveraging digital channels, social media engagement, and more to tackle this particular challenge. These efforts help raise awareness about the app’s features and benefits.
User testimonials and case studies are also used to showcase the positive experiences of existing users and build trust. These efforts aim to establish Sav. as a trusted and user-friendly platform, ultimately driving adoption and popularity among UAE residents.
What iron-clad guarantee is being offered to users that the Sav. app does not turn out to be a ‘here today/gone tomorrow’ app?
At Sav., we understand customers’ concerns about the longevity and reliability of personal finance management apps. To provide an iron-clad guarantee that Sav. is not another ‘here today/gone tomorrow app, we have implemented several measures:
- Continuous development: We are committed to continuous development and improvement of the Sav. app. We actively listen to customer feedback and incorporate valuable suggestions to enhance the user experience and introduce new features. Our agile approach allows us to adapt to changing market dynamics and customer needs, ensuring the app remains relevant and useful over time.
- User-centric focus: Our primary focus is on delivering value to our customers. We prioritise their needs, preferences, and feedback, tailoring the app to provide a seamless and user-friendly experience. We aim to build long-term relationships and loyalty by continually putting the customer first.
Additionally, Sav. is dedicated to providing a reliable, sustainable, and long-lasting personal finance management app through our strong strategic partnerships and transparent communication.
How is the Sav. app being marketed to UAE residents?
The Sav. app is being marketed to UAE residents through a comprehensive marketing strategy that utilises various channels and approaches, including communities, social media, partnerships, referral and loyalty programmes, and opportunities like this one with ME News 247.
We are also growing our presence by participating in events and trade exhibitions such as Seamless Middle East 2023, held in Dubai. which allow us to meet with potential customers and investors. We recently won the Seamless Middle East 2023 Fintech Pitch-off Award through curated presentations, securing funding of AED18,400 ($5,000).
By implementing a multi-channel marketing approach, Sav. aims to effectively reach and engage UAE residents, driving awareness and adoption of the app among the target audience.
How many users in the UAE currently use the Sav. app?
We are aggressively expanding – with 42,000+ users now – and aim to grow further in the UAE over the next few quarters. Moreover, we are initiating our groundwork towards expanding across the rest of the GCC region and North Africa.
What message do you have for UAE residents about their personal finance data sovereignty?
At Sav., we prioritise the security and privacy of our customers’ personal finance data and understand the importance of data sovereignty. Through our communication, we aim to always highlight that we adhere to a stringent approach to data protection, ensuring that our customers’ financial information stays protected within the boundaries of UAE regulations and laws.
We employ vigorous encryption techniques, multi-factor authentication, and industry-standard security protocols to protect sensitive data. We understand the importance of our customers’ trust in entrusting us with their financial information, so we prioritise their security and privacy.
What are the upcoming milestones for Sav.?
After launching in the UAE in 2022, we have very ambitious plans for Sav.’s future milestones. We intend to expand our presence to newer markets beyond the UAE, to reach a wider customer base. We will also introduce a few new app features soon, one of which will enable our users to seamlessly save specifically for the products they love, and enable them to buy them from the Sav. app.
Additionally, Sav. will also focus on attracting new customers and increasing engagement through propositions such as events, campaigns, referral programmes and more, to drive adoption and retention.
Lastly, Sav. is dedicated to continuous improvements through customer feedback, in terms of the app’s user experience and overall functionality.
These upcoming milestones reflect Sav.’s dedication to growth, innovation, and providing an exceptional user experience as it expands its reach and evolves as a leading personal finance management app.
What does the Sav. revenue-generating model entail?
Our revenue model is very simple. We make money when a user successfully saves for goals and redeems those goals. We will soon launch subscriptions for pro features, which will help us build another revenue line.
What is the minimum monthly AED salary that a Sav. app user should be drawing?
There is no set minimum monthly salary required to start saving with Sav. Through the app, we wanted to create a platform that provides a long-term, sustainable impact towards financial wellness, one that is not limited by income brackets. Sav. is, therefore, income-agonistic.
For more information: https://sav.money/
Last Updated on 10 months by menews247
