How banks can succeed in 'Save Now, Buy Later'

A new payment method centered around saving is turning the concept of Buy Now, Pay Later on its head. As interest rates rise, how can banks leverage new digital savings experiences to attract and retain deposits? What is the revenue potential?

Save Now, Buy Later (SNBL) is a new payment experience where customers create savings plans to make purchases with a merchant in exchange for discounts or rewards. It offers a unique opportunity for revenue growth and differentiation at a critical time for traditional retail banks.

With rising interest rates, a looming recession, and job losses, SNBL can be a less-risky payment method compared to unsecured loans like credit cards or Buy Now, Pay Later (BNPL). Consumers are also eager to receive personalized, AI-driven financial wellness experiences, creating an opportunity for banks to leverage SNBL to differentiate themselves, deepen engagement, and generate growth. Additionally,…