Clinc: Smart Savings
Berlin-based fintech start-up Clinc is launching a banking app that automatically manages your savings each month.
The app, also called Clinc, analyses users' current account spending to find what they can afford to put aside and then automatically deposits that money into a savings account underpinned by its partner bank.
The service will take the thinking out of budgeting and saving by adjusting its predictions to unexpected rises or falls in spending. Full details are yet to be announced, but technology publication Techcrunch.com reports that users will be able to set specific financial goals too, such as purchasing a new phone.
As discussed in Breaking Banks: Wired Money 2015, mobile-first financial startups are sidestepping the cumbersome legacy networks of the banks with accounts that can be opened in minutes, and are suited to the smartphone generation.
With that in mind, Clinc's 'set and forget' functionality is likely to appeal to the increasingly thrifty Gen Y – see Moderate Millennials: Generation Staid for more on this demographic.
Clinc is set to launch in Germany this year and the company plans for it to be available internationally by 2017. It is open to applicants wishing to be part of the software's beta testing (or final software development) before its full release.