Budgeting Site ‘Reel' Helps Consumers Splurge Responsibly
Automating the savings process, Reel helps users shop for high-priced items debt-free.
The site helps consumers on a tight budget create and stick to a savings plan that makes buying their dream items an achievable goal. Users identify their target item, and then decide how much money they can realistically set aside each day or week to save up. Reel is linked to users' bank accounts, so it will automatically set aside the designated amount each day for frictionless budgeting.
Reel's goal is to “make aspirations accessible to all.” To that effect, the “Our Mission” page states, “At Reel, we believe your aspirations deserve to become a reality because you have it within you to achieve anything you set your mind to…We make it easy for you to save towards what matters to you, so you can have the satisfaction of treating yourself to what you want, on your terms. “
Consumers begin by selecting their target product from the in-site database, and then selecting the amount they want to save each day/week to reach the item's price (plus Reel's service fee, 5% of the price). Users can adjust the slider to see when they'll have the item by, given how much they choose to set aside each savings period. Once they've saved up enough, users just enter their shipping address into the site, and Reel orders the item.
PSFK's researchers have highlighted Reel's goal-based saving strategy as just one of the ways that businesses are adapting digital banking and investment offerings to help customers achieve their goals. Democratizing Financial Services. Check out the research paper for more.