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22seven, the new generation money management service, exits beta after successfully testing the concept and service with thousands of South African online banking customers. The service launched in late January this year in “open beta” to allow for a public trial by anyone interested in trying the service. 
“We have used this time to thoroughly test the service, technically, practically and most importantly philosophically. We wanted to be absolutely sure that the idea we have been working on for the last three years met a real need,” says Christo Davel, CEO of 22seven.
The response has been clear. “We’ve had blog posts, e-mails, phone conversations, tweets, Facebook messages and even face-to-face coffee sessions with our customers that confirm how much 22seven has made a difference and how it can continue to do so. This depth of engagement doesn’t happen unless people really see the value in what we are doing. It’s been incredibly rewarding,” says Davel.
The modular services tested in the beta phase have been integrated into a cohesive view that gives a sense of a complete financial journey. The most significant changes to the site are:
* New design – the site has had a makeover. It’s simpler, more intuitive and provides more detailed information.
* A different look at balances – banks tend to show customers’ “available balance”. However, this includes money that can be borrowed. Once logged in to the service, customers will be able to see exactly how much money they have, already owe and can borrow.
* A perspective on money over time – 22seven’s modules haven’t changed, but the way they are presented has. The new service is arranged in a way that helps customers look at what they did, are doing and can do with their money.
“All these changes are important as they shift how we use our past to explore changes we can make right now, all the while being more mindful of how we want to use our money in the future,” says Davel.
“These changes and additions are designed to show us our money differently, and to do more with it. 22seven may have come out of beta, but the journey has just begun.
“And I am not talking about introducing endless new features, although obviously those are coming. We are just beginning to understand how powerfully this product can help people change their relationship with money. This plan is not simply to get people out of debt or help them save more. It’s our intention to fundamentally and permanently alter our relationship with money for the better.”