prospective employee information deck...“a journey of a thousand miles begins with a single...
TRANSCRIPT
Prospective employee information deck
Available on iOS and AndroidWe’re building the best savings account in the world...Chip puts money away for you in an intelligent way, based on your spending behaviour. The algorithm calculates how much you can afford to transfer into your Chip account, without having an impact on your life. Chip automatically transfers small amounts of money from your current account into your Chip account, every few days. Chip is designed to help as many people as possible. So, we give our savers a 1% interest boost every time they refer is.
Page. 2Introduction > Why Chip?> The journey so far>
Problem >
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Why Chip... Saving accounts are rubbish
Sources: FCA: Price discrimination in the cash savings market 2018, FCA: Financial lives of consumers across the UK 2017, Office of National Statistics 2016 & 2018.
Difficult to open, inertia to switch.66% of UK adults have a savings account with their current account provider, but 80% could earn a better rate elsewhere.Only 9% of consumers have switched or opened a new savings account in the past 3 years.
Don’t help you save.93% of UK adults have a cash savings account, but 12% are empty and 47% have balances less than £1,000.16.8m UK adults have less than £100 in savings and 60% of working-age adults do not save at all.
Terrible interest rates.Average UK easy access interest rate just 0.40% AER, yet inflation is 2.2% in September 2018 - it costs 2% a year to save.
Introduction > Why Chip?> The journey so far>
Increased use of credit
£214.2bn outstanding consumer credit - a record high.
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The savings crunch, trapping low savers into a cycle of debt.The lowest personal savings ratio since recordsbegan in 1963.
Average UK households saved just 1.7% oftheir disposable income in 2017.
Paying interest, not saving3.4% of net income spent
on interest payments.
Low savings16.8m people in the UK
with less than £100in savings.
Did you know?...24% of UK adults have experienced anxiety relating to money.
Sources Money Advice Service 2016, Office of National Statistics 2017 & 2018
Shock expenses71% of people in UK experience
at least one unexpected financial event a year.
Introduction > Why Chip?> The journey so far>
Where would youjoin the journey?
Q1 2018Began banking and
regulatory applications
Q4 2017Third most successful Crowdfund of all time.
Reached 23,000 accounts saving £1m
a month.
Q2 2018Began building
Chip 2.0 & Chip XWe are here
Q1 2017 Public launch with 1,082 beta testers
Q4 2018£4m Series A Account
Information Service Provision Reached
75,000 account saving £5m a month Q1 2019
Launch Chip 2.0 and X
Q3 2018Achieved FCA authorisation
to operate electronic lending platform
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Page. 5Introduction > Why Chip?> The journey so far>
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“A journey of a thousand miles begins with a single step.......Well Actually 75,000 steps in Just 18 months” – Team Chip
75,000 accounts
45,000 active savers
0.25 viral coefficientTotal Accounts Weekly Active Savers
3,784
8,124
14,796
30,484
48,495
59,575
73,428
2,126 4,686
8,812
18,276
29,470
36,087
44,431
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Jan-1
7
Feb-1
7
Mar-17
Apr-17
May-1
7
Jun-1
7Ju
l-17
Aug-17
Sep-1
7
Oct-17
Nov-17
Dec-1
7
Jan-1
8
Feb-1
8
Mar-18
Apr-18
May-1
8
Jun-1
8Ju
l-18
Aug-18
Sep-1
8
Page. 6Introduction > Why Chip?> The journey so far>
