Using facial recognition tools, BNZ has launched EmotionScan, an online experience developed by BNZ in partnership with psychologist Stuart Carr and Swiss emotion recognition software company nViso, to help customers figure out how they feel about money.
In what BNZ refers to as a world-first, the experience aims to help customers understand how they feel about their finances.
Massey University Professor of Psychology Stuart Carr says that emotion is becoming an increasingly recognised factor in financial decision-making.
“We think we’re rational about it, but we’re now recognising that emotions influence our financial decisions more than we realise,” he says.
EmotionScan uses advanced emotion recognition software to analyse facial expressions as participants listen to a series of scenarios designed around eight financial areas of interest; cash flow, budgeting, mortgages, retirement, financial security, financial control, debt, dependents, donations and savings.
“We know that only 9% of people strongly believe that they are competent at managing their finances so we wanted to provide them with a way of honestly assessing what areas of their financial planning they need to address,” says BNZ chief marketing officer, Craig Herbison.
“We think that if we can help New Zealanders to face up to how they really feel about money, then we can help to set them on track in addressing any areas they’re concerned about and putting them more in control of their money," he adds.
The software was initially developed to help with researching reactions to advertisements and new product development ideas and this is the first time it has been used to gauge people’s emotional response to their financial situation.
Anyone with a computer, an Internet connection, and web camera can complete EmotionScan at www.EmotionScan.co.nz.
“Highlighting areas of financial concern and addressing them directly can make a huge difference to the financial situations of New Zealanders,” says Herbison.