Q&A: MicroPayment’s True Potential

Q&A: MicroPayment’s True Potential

True Potential’s Managing Director David Harrison believes giving clients some control over their own investments is a smart move. True Potential’s ImpulseSave is a mobile app that lets UK investors “close the gap” on savings goals. Clients can track their goals and, if they are veering off course, deposit small amounts of money to their True Potential accounts with the touch of a button to get back on track. We talked with Harrison at New York’s FinovateFall in New York.

“We believe it’s better to let the end investor know if they’re not on track, then to find out they’re £200,000 short. One thing we do up front is to get a realistic goal set, to make sure the client can afford it. If not, we deliberately dial back. The next step is to make sure the investor stays on track. If they’re checking their account more frequently, then it’s a lot easier to swallow £1 here or there, even once a day, rather than £365 at once. That hurts. You might bypass a soda machine and invest £1 instead.

We have £4.2 million invested through ImpulseSave, with most coming through financial advisors. About £200,000 of that came directly through the end client, as we just launched that service in April. Advisors do love it. What they’re saying is if you have £1 or £15, and you want to add to a savings account, advisors can’t handle that in a check. So the service helps investors help themselves, and advisors believe it can help their clients get on the right track.

Next, we’re sponsoring a new program, the True Potential Centre through Open University, spending £1 million. The classes are online courses. We want people to take responsibility of their money, and enjoy investing their money. People don’t associate enjoyment with investing. But actually there’s huge enjoyment in making your goals.”

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