What is forecasted finance?
Tracking spending has become an increasingly popular consumer habit as the importance of budgeting has grown. Uptake has increased as these services have become more passive, and are able to track spending across accounts with little user input. Both big and small players in the financial sectors are responding to this new market need.
HSBC developed a new app – Nudge – in January 2016. This platform provides analysis of the user’s real-time data on spending, savings and historical purchases. The app will then detect patterns and “nudge” users away from purchases that will leave them over-spent.
Forecasted Finance is in fact nothing new in the market. In 2014, AXA Banque developed ‘Soon’ the mobile banking app. Alongside the usual functions of a banking app, Soon helps its users save up for a particular goal or project more efficiently using a budgeting tool which not only takes into account previous payments but also forecasts payments that will be made in the weeks to come.