Bank Creates App to Warn Customers of Overspending

App to help monitor spending

How are you with your wages? Do you blow it all in one extravagant weekend? Spend too much on PC parts? Can’t resist those Steam sales. Well, if you bank with HSBC you can apply for an app which can give you a gentle reminder if your needs are exceeding your means.

In regards to Steam purchases though, probably not a good idea to buy games using someone else’s money.

We all like an occasional splurge, but with increasing concerns over debt combined with increased living costs, personal finances are a hot topic at present.

In answer to this, HSBC bank has created an app to give its customers a friendly reminder if they’re getting a little crazy.

What will this HSBC bank App do?

The app is designed to monitor the spending patterns of the customer reports the BBC. Specifically, in relation to incoming versus outcoming, they hope to determinate whether people are reasonably secure in their finances.

There are of course some key determining factors in this as well. For example, if you continually enter your overdraft, clearly something is wrong somewhere.

The app is currently being trialed with 10,000 users with a general roll-out expected in 2018.

This isn’t the first instance of a bank trailing such technology. A lot of smaller banks have already employed this technology to some success.

So, basically, if you’re spending money like a drunken John McAfee then you might get a little text from your bank telling you to behave.

There are of course some valid concerns over whether your finances should be monitored so closely. One would not want a text reminder coming through saying how you could economise by spending less on ‘adult entertaining services’.

It can not be denied, on payday, some people do spend their cash like it’s Monopoly money.

What do you think, good idea? Will it help people who are bad with money? Let us know in the comments!