Huntington Launches Money Scout(SM) To Help Customers Find Extra Savings

Rhea-AI Summary

Huntington Bancshares (HBAN) announced the launch of Money Scout, an innovative savings tool designed to help customers effortlessly set aside funds. By analyzing spending habits and income, Money Scout automatically transfers small amounts, ranging from $5 to $50, from checking to savings accounts. This initiative follows the bank's findings that finances are a significant stressor, compounded by the pandemic. Huntington also aims to enhance community financial stability through a $20 billion Community Plan over five years. The tool is integrated into the award-winning Huntington Mobile app and supports long-term financial health.

Positive

• Launch of innovative savings tool 'Money Scout' to help customers save effortlessly.
• Utilizes predictive technology to analyze spending and automatically transfer savings.
• Addresses financial stress, especially relevant during the COVID-19 pandemic.
• Integrated within the Huntington Mobile app, enhancing customer convenience.
• Plans to invest $20 billion in community financial stability over five years.

Negative

• None.

COLUMBUS, Ohio, Sept. 8, 2020 /PRNewswire/ -- To help address the critical need many people have to save money, Huntington (Nasdaq: HBAN; www.huntington.com) today announced an innovative new way to save. Money Scout, the latest evolution of The Hub, is an automatic savings tool that scans customers' accounts and looks out for money they can set aside. By enrolling in Money Scout, customers can build their savings without lifting a finger.

Huntington developed Money Scout to create real savings solutions to make life easier for customers. The bank's Midwest Money Mindset survey revealed Money/Finances as a top driver of stress for people even before the COVID-19 pandemic. Now, when there are even more stressors, Money Scout helps look out for customers by using predictive technology so they can focus on looking out for their families. 

"At Huntington, we're committed to looking out for people, and Money Scout allows us to proactively do so," said Andy Harmening, Huntington's director of Consumer and Business Banking. "We're always looking for ways to make our customers' lives easier, and we're excited to offer a tool that makes it easy to build or rebuild their savings."

Money Scout analyzes spending habits, income, and upcoming expenses to find money customers aren't using in their checking accounts —from $5 to $50— then moves it to savings, automatically. Money Scout notifies customers when the money moves, and customers can pause, stop or reverse transfers at any time. This allows customers to save small amounts at a time and help establish consistent habits. Plus, it's built within the award-winning Huntington Mobile app and online banking where customers perform their daily transactions.

"We're doubling down on creating solutions to make it easier for customers to save and build confidence knowing they can achieve any goal, big or small," Harmening said. "Money Scout is the perfect digital tool to build savings and lay the groundwork for longer-term financial health."

Huntington is also investing in its communities to make customers more financially secure in the future – beyond just savings. The bank recently announced a new, five-year, $20 billion Community Plan that's focused on economic opportunity for people, small businesses, and communities throughout its seven-state footprint.

In addition to Money Scout, Huntington also offers automatic transfers so customers can transfer specific amounts from checking to savings or money market accounts. This is just one more way Huntington is making banking easier for its customers and builds on the award-winning foundation of The Hub, Huntington's suite of digital tools. 

Digital tools to assist with financial wellness and economic inclusion

Since 2018, Huntington's innovations include The Hub, the bank's digital-banking experience, and Huntington Heads Up^®, a digital messaging platform. Free to all customers, the tools are designed to help customers save more money, manage their spending and keep their financial goals front and center. Customers at all stages of life can take advantage of these tools without having to worry about paying more for added features. Key features of the digital tools include:

• Savings Goal Getter: Helps customers visualize what they're saving for and shows their progress along the way.
• Spend Analysis: Helps customers categorize their spending and better understand how they can change those habits going forward.
• Spend Setter: Allows customers to set up monthly spending limits by category.
• Look Ahead Calendar: Provides a financial view of the month to come. Customers can see future bills and deposits so they can plan accordingly.

Additional Tips and Insights for Better Financial Management

Sandy Pierce, Private Bank & Regional Banking director at Huntington, shares the following tips to improve financial health:

• Create a budget and stick to it. Cash flow might have changed over the last several months. Input income and expenses and let the budget calculator do the math.
• Pay down debt. Leaned on credit cards during the pandemic? Pay down debt with the higher interest rate first to avoid wasting dollars on paying interest, even if that means paying smaller debts first.
• Create an emergency fund. Dipped into savings during the pandemic? That's okay. Come up with a plan to save a little at a time to build it back up.
• Huntington Money Know-How helps build financial knowledge, become familiar with financial terminology, and learn how to make sound financial decisions.

"Banking is about people and it's our passion to expand financial wellness through education and engagement," Pierce said. "We strive to make sure our friends and neighbors have what they need to be successful by providing innovative products and services. Money Scout is another tool in Huntington's digital toolbox to help give our customers confidence in improving their financial health."

About Huntington

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $118 billion of assets and a network of 839 full–service branches, including 12 Private Client Group offices, and 1,344 ATMs across seven Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states. Visit huntington.com for more information.

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SOURCE Huntington Bancshares Inc.

FAQ

What is Money Scout by Huntington (HBAN)?

Money Scout is an automatic savings tool that analyzes customer accounts to find funds to save, transferring amounts automatically from checking to savings.

How does Money Scout help customers?

It helps customers save without effort by automatically moving small amounts of money based on their spending habits.

What is the timeframe for Huntington's $20 billion Community Plan?

The Community Plan is set to unfold over five years, focusing on enhancing economic opportunities.

When was Money Scout launched by Huntington (HBAN)?

Money Scout was launched on September 8, 2020.

What amounts does Money Scout move to savings?

Money Scout transfers amounts ranging from $5 to $50 into customers' savings accounts.