BNZ’S Money Emotion Scan Tool

The BNZ (Bank of New Zealand) have a new tool on their website that uses facial recognition software to show your emotional response to particular money scenarios

BNZ bank

I had to give it a go, didn’t I!  I couldn’t help myself, I am a money mentor after all, and I spend a lot of my time helping people understand their relationship with money.

So here I am at 5.15 in the morning in my office, P.J’s and headphones on, waiting for the Emotional Tools scan to start, ready and eager to watch and listen to the scenarios.  It felt a little weird having the webcam on and seeing my face with the lines linking the recognition software.  Was I expected to speak? Was I supposed to try and keep my emotions in check?  The only instruction was to relax I am not sure that I really was that comfortable.

Anyway back to the test, the scenarios are quite short and there are eight in total, so the test doesn’t take long, I literally just sat there watching the screen.

The results come out very quickly and looking at the graph, I don’t appear to be a particularly emotive person around money, there were a few spikes here and there but overall it was pretty flat.

I must say I am a little disappointed in the report at the end.  It was very short and sweet.  Telling me I have confidence about savings and concern around retirement didn’t really tell me anything I didn’t already know;  maybe that is because I am a money mentor and already know and understand my own relationship with money.

There is of course an opportunity to book a ‘moneyreview’ with the bank, where they will ‘talk through your current situation and help get your money working even harder for you’. So yes, there is definitely a sales pitch at the end.

Good on the BNZ for recognising that money is all about emotions, it is certainly a step in the right direction.

Overall, I think it is a great idea and fantastic marketing for the bank, so certainly give it a go and see what you learn from the experience.

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2 thoughts on “BNZ’S Money Emotion Scan Tool

  1. It doesn’t sound like it really gave you any quality insights. Obviously it is a marketing tool, but I want to know if it really understands your feelings. Is that possible from only 8 questions? I would have thought that lie a polygraph it would need at least that many just to create a baseline.

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    • Hi Luigi, I was really impressed with the facial recognition software, and yes I think it did get my feelings correct. The output was what I found a little disappointing, it is very much about marketing BNZ and their products. Having said that, at least BNZ are attempting to help their customers understand the concept that money is more about emotions than maths

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