HSBC Is Helping People Automate Their Saving
Force self-control on yourself with HSBC's SmartSave app
A Forbes article released this year showed an alarming statistic. 63 percent of Americans do not have enough savings to cover a $500 emergency. Financial apps are a potential solution for those who struggle to save. HSCBC and micro-savings tech company Pariti have partnered up to create a new app that automatically transfers money into savings or investments accounts. Users get to determine under what conditions this happens.
The app has the technology to analyze a user’s bank account then users decide how frequently money is pushed directly into a savings account. Additionally, users also have the option of getting the app to direct money into their savings account whenever unnecessary shopping occurs at user-specified stores occur. Basically, it is a form of self-inflicted ‘punishment.’
Although only a few HSBC members currently have access to the trial run, this app has the potential for users to “force” self-control on their spending.