BI Build: Stash products prioritize insights, automation

Automation and insights are driving the direction of new products at Stash , the investment platform turned banking fintech, said Chief Product Officer Sudev Balakrishnan at the Bank Innovation Build conference last week. Currently in testing with customers on a limited basis is an expansion of Stock-Back , a rewards program launched in mid-2019 that offers customers fractional shares of stocks as purchase rewards when they use the Stash debit card. The expansion, called “Stock-Back Card Boost,” sets customers up to automatically invest in the places they spend with their Stock-Back card, Balakrishnan said. By opting into the expansion, customers will receive Stock-Back rewards, plus every qualifying transaction is rounded up using spare change from the customer’s Stash banking account, backed by Green Dot Bank . The rounded-up amount is automatically invested either in a matching stock or the customer’s default ETF. The idea is to leverage automation in the psychological sense, Balakrishnan said, by automating the decision-making process and having those decisions create benefit over time. He did not provide a timeline for the full launch of the program. Stock-Back Card Boost is the next step in the evolution of the Stock-Back rewards program, which leverages consumer brand loyalty to encourage customers to become comfortable with the idea of investing. The goal of Stock-Back is to bridge the gap between consumers’ daily lives and the investing world, and it’s a mechanism Stash uses to familiarize its customer base with investing, the idea of stocks and the language. Separately, New York-based Stash also launched a new feature to provide customers with grocery-based insights about six weeks ago, Balakrishnan said. The feature provides customers month-to-month insights for their spending. The new tool and corresponding data has prompted Stash to explore how this month-to-month data can be used to make Stock-Back even more relevant to customers, based on their spending habits. The 5-year-old Stash has more than 4.3 million customers and has raised more than $300 million in venture funding to date, according to Crunchbase.

BI Build: Stash products prioritize insights, automation

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