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Ally said the rationale for the feature rollouts is not just to follow startups, but create tangible ways customers can put aside money, according to bankinnovation.net.

– There are kind of been fintechs that have had rolled out similar kinds of functions, but what we’ve heard directly from our customers is that they want that kind of functionality with their bank, seamlessly integrated into their existing experience –  said Anand Talwar, deposits and consumer strategy executive at Ally.

According to Talwar, major advantages Ally has over fintech startups carrying out automatic savings features are price, since Ally’s automatic savings features are free – photo: moneysmylife.com

Buckets and Boosters resemble features fintech companies have launched in recent years, like a savings envelope feature called “Pots” that U.K.-based Monzo integrated into its platform, and the automatic savings capability of personal finance app Digit.

Talwar explained that Boosters, which facilitate automatic deposits into customers’ savings accounts, work two ways: customers can specify an amount to be taken out on a regular basis, or the platform can analyze customers’ transaction patterns and determine a safe amount to put away. The automatic savings option will not remove more than $100 at a time.

Ally has created a series of Buckets options, and customers can add new categories as often as they wish, with the bank studying their behaviors and adding new categories over time.

According to Talwar, major advantages Ally has over fintech startups carrying out automatic savings features are price, since Ally’s automatic savings features are free; and transparency, since with third-party fintechs, customers don’t always know what happens to their funds once it’s handled by a partner institution.

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