MAKE by KBank app unveils user’s shared savings statistics for 2024
The MAKE by KBank app has revealed interesting usage statistics for 2024, following the emergence of the “Don’t Spend Your Savings” trend in the previous year that went viral.
Most recently, it was found that the shared savings feature in the Shared Cloud Pocket of MAKE users has grown at an accelerating rate. This trend underscores the enthusiasm for saving money to achieve goals, particularly among the Gen Z group, aged 12-27. As evidenced, their savings saw remarkable growth of 284 percent, and most of the savings are shared between two users. Moreover, the findings showed that the shared savings are primarily used for everyday expenses, such as room rent, dormitory fee, food expenses and general expenses or shopping, rather than long-term savings. Users also set shared savings targets for larger goals like travel and weddings.
Mr. Chetaphan Siridanupath, Managing Director, KBTG, said, “MAKE by KBank – a popular financial management app of the younger generation – has received an overwhelming response from users. The app has introduced multiple features to assist users in managing their finances effectively. Cloud Pocket, the app’s key feature, allows users to divide their funds into multiple sub-pockets within a single account. Users have the freedom to create an unlimited number of Cloud Pockets, customize their names and images, and set savings goals. A unique feature of Cloud Pocket is that the owner can invite others to join and save together in the Shared Cloud Pockets.”
The latest findings show that there is significant growth of collective savings in Shared Cloud Pocket. In March 2024, the utilization rate of Shared Cloud Pocket grew at 185 percent YoY, indicating an increased interest in and enthusiasm for savings towards shared goals among MAKE by KBank users, specifically Gen Z group, aged 12-27, who have seen savings growing up to 284 percent. Most of their savings are typically built between two individuals.
MAKE by KBank has summarized interesting statistics on collective saving done by its users in Shared Cloud Pocket, based on a survey conducted between January 1, 2023, and May 24, 2024, as follows: 1. Money is kept for spending rather than saving: Sixty-six percent of MAKE by KBank users intend to keep their money in Shared Cloud Pocket for expenses, while the remaining 34 percent collectively keep their money in Shared Cloud Pocket for saving. The top five spending categories created in Shared Cloud Pocket are traveling, dining, general expenses, rent, and fuel; 2. A big shared goal begins with a huge transfer amount: Shared Cloud Pocket with the highest average transfer amount per transaction is “Wedding” at 12,846 Baht per transaction on average; 3. Who we save together for: Users of MAKE by Bank created a Shared Cloud Pocket to save money for their partners (73 percent), children (11 percent), cats (7 percent), family (6 percent), and mothers (3 percent), in descending order based on the number of Shared Cloud Pockets named after those relationships; 4. United we have savings together: The Shared Cloud Pocket with the highest number of members is “Classroom Fund”, with up to 39 members; and 5. Saving together is faster: The top three spending categories of Shared Cloud Pocket in which MAKE by KBank users have achieved their savings goals faster compared to one person’s savings are dormitory fee, room rent and shopping.
According to the usage statistics, the shared savings are primarily for everyday expenses such as room rent, dormitory fee, food, and general expenses or shopping, rather than long-term savings. Users also set larger goals like travel and marriage for their shared savings.
In addition to the Shared Cloud Pocket, MAKE by KBank has introduced a feature for Cloud Pocket owners to request money or members to request withdrawal, offering easier transfer between the Cloud Pocket owners and members. This promotes transparency in shared savings, allowing members to view the balance and all transaction details within each Cloud Pocket.
Mr. Chetaphan noted in closing that in just three years since its launch, the MAKE by KBank app thus far has more than 2.5 million users, with impressive ratings of 4.9/5 on the App Store and 4.8/5 on the Play Store – the highest in the finance category. KBTG aims to increase the number of users to 5 million within the next two years and will continue to develop new features for the MAKE by KBank app. The focus is to help Thais improve their financial health, enabling them to manage their expenses and enjoy saving in their own way to achieve their goals. This includes further promoting and building of financial discipline through fun financial campaigns and missions on the MAKE by KBank app and all its platforms, which have been designed based on the needs of real users. The MAKE by KBank app is available for download at https://makebykbank.onelink.me/v9lf/jpay31k8.
