BNZ uses facial recognition software to uncover New Zealanders’ financial feelings

Bank of New Zealand (BNZ) has adopted facial recognition software for its website to help customers understand how they feel about their money.

EmotionScan has been developed by Swiss software company, nViso.

EmotionScan uses facial recognition software to analyse facial expressions as participants listen to a scenarios about cash flow, budgeting, mortgages, retirement, financial security, financial control, debt, dependents, donations and savings.

Massey University professor of psychology, Stuart Carr who worked on the project thinks 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."

The aim of the scheme is to highlight the financial areas that New Zealanders are most comfortable with and which they might need to address.

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Craig Herbison, BNZ chief marketing officer, said: "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."

"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."

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