Frequently Asked Questions
What is InSpirAVE - The Internet of Savings®?
The Internet of Savings® platform from InSpirAVE is where users can not only accrue the benefit of savings from retail and financial institutions all in one place, but equally leverage the wisdom (and discretionary cash) of friends and family to make smart spending goals, design a personalized savings plan to help raise the money to meet those goals faster, and then track progress as the savings grow and those longed-for big-ticket purchases draw near – with InSpirAVE’s program relentlessly at work until the purchase arrives right at their doorstep.
How InSpirAVE works?
Step 1 Wish: Discover products you want from leading merchants on our platform and get objective advice from friends-and-family to make responsible purchase decisions.
Step 2 Plan: Create a Personalized Savings Plan which is multiplied by interest income, best offers from merchants, and monetary contributions from your friends and family.
Step 3 Achieve: Monitor progress towards purchase-goal fulfillment facilitated by our embedded payments-hub capable of both p2p & merchant payments.
What’s special about InSpirAVE?
InSpirAVE empowers fulfillment of big purchase goals without debt by helping Users make thoughtful purchase decisions and create a personalized savings plan to fulfill them: The magic of our Internet-of-Savings® platform helps you save faster through the support of friends and family, as well as partnering merchants and financial institutions: InSpirAVE does so by creating a new underlying set of economic incentives that have proven to be materially significant for partnering banks and merchants to encourage their customers to save. InSpirAVE is the only end-to-end platform unifying planning with the path-to-purchase.
What problem does InSpirAVE solve?
Saving money for the important things in life is not easy. According to our research, consumers regret 30% of what they buy, and 44% of Americans are “liquid asset poor”. In contrast to the impulse to “buy, buy, buy” as our InSpirAVE focus-group users have told us they’re bombarded with (the average household with credit card debt has balances totaling $16K according to the Fed; 69% of Americans having less than $1,000 in savings), there isn’t enough impetus to save for what matters. In fact, there isn’t a vehicle to save for anything specific with the exception of retirement or schooling. Persistently low interest rates have also left financial institutions with diminished incentives for consumers to save.
How is InSpirAVE solving the problem?
By harnessing behavioral finance principles and goals that matter, rather than saving for saving’s sake, InSpirAVE’s design, AI, and content-creation tools have made it extraordinarily simple to foster a well-wishing community who egg the user on to ensure the goal is fulfilled, even if it may have been out-of-reach otherwise. Users are saving faster through The Internet-of-Savings® platform by drawing from multiple sources — savings from merchants and banks, as well as contribution of friends and family — whose benefits have turned out to be an order-of-magnitude higher than what solely relying on savings from just one source would.
Another magic of the InSpirAVE platform is empowering users with advice from their network of friends and family — big purchase decisions are more well-informed by those who care about you the most. Impulsive and regretted purchases stop here.
What benefits users can gain from InSpirAVE?
InSpirAVE is giving users the benefits of interest income for the funds they already have as well as the merchant’s best offer. The AI embedded within our platform is generating a personalized plan to get the user from where they are to where they need to be, by setting aside funds on an ongoing basis. Taken together, users are ending up saving a lot more, faster with InSpirAVE. Fulfillment of the goal is also being significantly accelerated with friends and family taking advantage of the capability InSpirAVE provides to make p2p monetary contributions. Once the goal is reached, users are choosing to have the merchandise show-up right at their doorstep or at their preferred retail location.