Ally Financial has beta-released a new app called “Splurge Alert,” designed to help consumers better identify and manage their spending habits, ultimately giving them more control over their personal finances, the company said.
Splurge Alert asks users to identify stores and areas where they tend to overspend and then select friends and or family who can help them avoid overspending pitfalls. The app uses geolocation technology to determine when users approach a “splurge zone,” and then sends an alert message to a designated buddy in hopes that they will lure the user away from the problem area.
Through Splurge Alert, Ally aims to help consumers navigate a world where the temptation to spend money is prevalent, making it hard to save for financial goals. According to a recent survey commissioned by Ally and conducted online by Harris Poll, the vast majority of Americans (85 percent) admit to splurging, which most Americans (71 percent) define as buying an item that is not needed, regardless of price.
The survey also revealed that the food and beverage category and the clothing, shoes and accessories category tied among the top items on which Americans who admit to splurging typically overspend (44 percent each).
Ally´s Splurge Alert app sends alerts when users get close to locations where they tend to overspend. This helps users identify and avoid overspending with the help of friends.
Ally Financial Inc. (NYSE: ALLY) automotive services business offers a full spectrum of financial products and services, including new and used vehicle inventory and consumer financing, leasing, vehicle service contracts, commercial loans and vehicle remarketing services, as well as a variety of insurance offerings, including inventory insurance, insurance consultative services for dealers and other ancillary products.
Ally Bank, the company´s direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally´s Corporate Finance unit provides financing to middle-market companies across a broad range of industries.
With approximately USD158.6 billion in assets as of Dec. 31, 2015, Ally operates as a financial holding company.
