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
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.