How are you when it comes to savings? Are you the type that blows through your paycheck within the first or second week? Or are you the type that spends only when 100% necessary? If you think you’re not the type that’s good at saving money, not to worry as it seems that HSBC wants to make that process easier for you.
The bank has recently announced that they are partnering up with Pariti and are launching an app that will automate the savings process for customers. Basically the idea is that users can set certainly rules or parameters and the app will automate it for you, so for example you can set schedules on a daily, weekly, or monthly basis where the app will try to set aside money for you when it deems that there is enough in your bank balance to save.
Alternatively it can also act as a deterrent in spending by “punishing” you when spend at stores defined by you as “guilty pleasures”, like maybe at dessert stores, or when shopping online at clothing websites. This “punishment” basically sees the app set aside a small amount of money so that you’ll have less money available to spend.
It’s an intriguing idea but don’t expect it to be widely available anytime soon. The app will be launched as part of the UK’s Financial Conduct Authority’s regulatory sandbox initiative, and will see a six-month trial where only 2,000 customers will be able to test it out on an invite-only basis.
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