HSBC has launched a new mobile app that will use the ‘nudge theory’ to help its customers make better financial decisions and help them avoid incurring overdraft charges.

The new Nudge app will utilise customers’ current account data to track their spending habit and will send them targeted digital ‘nudges’ to make them aware of their expenses.

The bank is currently assessing the effectiveness of 38 types of nudges in a three-month trial with 500 customers.

The nudges include notifications about consumer’s grocery expenditure in a week, and comparison of their financial behaviour with consumers having similar incomes.

HSBC UK digital head Raman Bhatia said: "By incorporating nudge theory into our digital customer communications, we can help customers to achieve their financial goals."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.