The New Face of Finance
Facial Recognition software is now being used to tell how people really feel about their money.
This new feature is being implemented in New Zealand and has thousands of people taking part in the Bank of New Zealand’s online facial scans.
The facial scan called EmotionScan is an online feature that links facial expressions to personal financial management skills and was co-developed with Swiss emotion software firm nViso and psychology professor Dr. Stuart Carr.
The Financial Brand purports that the bank is using this software as a gimmick to get potential customers in their branches for consultations.
The software analyzes a person’s facial expressions as they listen to a series of scenarios of varying financial areas of interest. It is then supposed to reveal the financial areas that a person is most comfortable with and the ones that they need to address.
However, some critics doubt a computer facial scan can give accurate information about a person’s financial skills. Psychology professor, Dr. Danny Osborne said he was familiar with work on non-verbal cues but had not seen how this information could predict people’s financial management skills, “It’s measuring something, but might not be what the banks think they’re measuring,” he said.
However, co-developer Dr. Carr reports that emotion is becoming an increasingly recognized factor in financial decision-making, “We think we’re rational about it, but we’re now recognizing that emotions influence our financial decisions more than we realize. I think the big lesson of the past two or three decades has been that very often we make decisions around money on an emotional basis.”