What it is: Users can now save their stories and snaps - old or new - for as long as they like as their own personal collection backed up by Snapchat itself (which will be useful when you change to a new device). Sure, you've always been able to save your snaps to the camera roll but with Memories, it's within the app and made simpler with the keyword-driven search technology based on previous captions, locations, emojis, stickers, dates, and even image-identification. From here, you can create new Stories or combine different ones into a longer narrative, which is perfect for anniversaries or birthdays. And for the Memories that are more private, you can lock it with the 'My Eyes Only' option that requires a passcode to view.
On a side note, Memories will even have a "Flashback" search that is similar to Facebook's 'On This Day' feature, showing photos taken at the same time the previous year. The latest Snapchat update is currently available but the Memories feature is rolling out selectively over the next month. You'll know you have it when Team Snapchat sends you a message.