A memory feature of a structured product (e.g., autocall/ autocallable) that if activated, and if on any coupon observation date that the underlying hits/ breaches the coupon barrier, then it will not only entail payment of the current coupon but also any previous coupons that were not paid earlier because on those coupon dates the underlying did not hit/ breach the coupon barrier.

Under memory setting:

Payment = current coupon + any previous non-paid coupons

The memory feature is usually practical on selection of a binary coupon style.

It is also known as a snowball feature (or simply, a snowball), although with a memory feature, coupon may be autocalled if the underlying price hits the lower barrier in the structure (where accumulated coupon will be forgone- a feature that sets a phoenix memory apart from a snowball).