Prompt Cast
Reel: A Platform Revolutionizing Savings with Positive Reinforcement
TLDR Reel is a platform that helps users save money gradually towards desired products, offering positive reinforcement and notifications for deals. The founder's journey from pitching the idea at South by Southwest to raising close to five million dollars in funding, and the platform's success in monetizing through partnerships with retailers and catering to changing consumer behaviors.
Timestamped Summary
00:00
Wondery Plus subscribers can listen to "How I Built This" early and ad-free.
03:44
A platform helps users save money gradually towards desired products while providing positive reinforcement and notifications for deals, born out of the founder's personal experience with consumer finance.
07:25
The founder's journey of connecting excitement with savings, starting from pitching the idea at South by Southwest to facing pushback from investors and eventually raising close to five million dollars in funding.
11:09
The challenge of proving market demand for a new idea to investors and the importance of avoiding unnecessary debt in personal finances.
14:37
The decision to transition from a free to a fee-based service at Reel led to higher customer trust and conversion rates, reflecting the changing consumer expectations influenced by platforms like Airbnb and DoorDash.
18:44
Reel monetizes through holding money for users and partnerships with retailers, experiencing significant growth in 2020 by expanding offerings to align with changing consumer behaviors accelerated by the pandemic.
22:35
Reel offers a more user-friendly and goal-oriented approach to saving compared to traditional savings accounts, catering to the younger generation's desire for optimized financial experiences.
26:15
Reel saw a significant increase in savings during COVID-19, with customers transferring funds between different purchase categories like electronics, furniture, and travel due to the gamification aspect of their savings platform.
29:59
The podcast episode concludes with a message from Guy Raz and a promotion for another show called Doctor Death, Bad Magic, before transitioning into a discussion about the rivalry between Apple and Samsung in the smartwatch industry on the show Business Wars.
Categories:
Business
