financially sound and help them build emergency<\/a> funds. They’re looking for ways to help employees do that. hyve is the way to do that because the employer will just be added as another player in this multiplayer platform.<\/span><\/p>\nThe next level is on the brand level. We\u2019ve spoken to many significant brands and asked them the following question, \u201cIf my saving goal on hyve is to buy your product in a certain timeframe, are you going to sponsor my savings goal?<\/span><\/p>\nWe got overwhelmingly positive responses. Brands see this as an opportunity to increase consumer loyalty. Eventually, we want to add brands to our multiplayer platform, as players that help you get there faster by contributing to your saving goals.<\/span><\/p>\nInterviewer: How did you come up with the concept of social accountability\/ motivation for the app? Have you worked with any social psychologists or researchers on this app?<\/b><\/p>\n
Royi: <\/b>We spent a significant amount of time doing qualitative and quantitative research, with the help of a third party running a research program on these specific matters.<\/span><\/p>\nThis brought to light social mechanisms and behavioral science factors which led to pretty amazing features on the product. We\u2019re focused on gamifying the process to increase retention and engagement.<\/span><\/p>\nFurthermore, we\u2019re adding an overarching feature in the app called real-world deposit. This means you don\u2019t have to change much in your daily habits and routines to work towards your savings. For example, let\u2019s say I\u2019m a big Chicago Bulls fan. I can create a deposit rule for my savings or investing account, that every time the Bulls win a game, put aside $20. So when the Bulls win, you\u2019re pretty happy and immediately you get a notification that says \u201cCongratulations, the Bulls won, you just saved X amount!\u201d This creates that positive psychological feedback loop with saving.<\/span><\/p>\nhyve will also be connectable to your smartwatch. You can set up a rule that for every mile you run, hyve sets aside a dollar.<\/span><\/p>\nNot only can you deposit based on your favorite team winning, but you can invite others to participate and contribute to your goals (ie. your mother can deposit into your goal of saving up for college tuition based on her own rules).\u00a0<\/span><\/p>\nWe\u2019re creating a game economy within the platform. And the whole purpose is to get you to fulfill your dreams.<\/span><\/p>\nWhat\u2019s your personal definition of success?<\/b><\/p>\n
Royi: <\/b>That\u2019s a great question. My wife is probably one of the few people that knows me the best.. When we first started going out, she used to say, ” When can you just stop and smell the roses, and enjoy what you’ve earned?”\u00a0<\/span><\/p>\nToday she says, “I know you. You will never stop. I’m not even going to ask you and I accept it.”\u00a0<\/span><\/p>\nAnd to that, my definition of success is being able to do what I do today, forever. Not slowing down, but at the same time being more intentional about finding time and balance with my family.<\/span><\/p>\nConclusion<\/span><\/h2>\nThere\u2019s a great opportunity for FinTech to become the equaliser in society. Markowitz\u2019s product addresses the more fundamental issue of how debt is perceived by the average person. Using data and behavioral science, hyve makes saving and investing towards your goals, both engaging and accessible.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Student debt is one of the largest financial catastrophes of the 21st century. According to statistics, a student graduating in 2022 will take an average of 20 years to pay off their student loans, while some professional graduates can take up to 45 years. This is a similar amount of time it would take for […]<\/p>\n","protected":false},"author":15,"featured_media":5485,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"Tackling Student Debt: hyve's Solution for Achieving Financial Freedom","_seopress_titles_desc":"Discover how Hyve, a fintech startup, is revolutionizing the student loan landscape by providing easy refinancing, payment allocation, and more to help post-grads escape the burden of student debt.","_seopress_robots_index":"","tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[40,1040],"tags":[1005,1215,1214],"_links":{"self":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts\/5483"}],"collection":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/comments?post=5483"}],"version-history":[{"count":5,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts\/5483\/revisions"}],"predecessor-version":[{"id":7255,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/posts\/5483\/revisions\/7255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/media\/5485"}],"wp:attachment":[{"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/media?parent=5483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/categories?post=5483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businessner.com\/wp-json\/wp\/v2\/tags?post=5483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}