HSBC has begun trialling a new app that acts like a financial "personal trainer" to help users save money and be more aware of their spending habits.
The app, called Nudge, applies a theory of the same name developed by the London School of Economics (LSE) and "nudges" customers about their spending, providing encouraging notifications designed to improve willpower and help achieve long-term financial goals.
The app has 38 types of nudges, including notifications on how much a customer spent on groceries the previous week, and updates on how much they are spending and saving compared with others on similar incomes.
According to a YouGov survey commissioned by HSBC more than half (54 per cent) of 2015 New Year resolutions failed by the end of January.
Nearly seven in 10 said receiving encouragement would have helped them be more resolute.
HSBC UK's head of digital, Raman Bhatia, said: "We know that many of our customers have good intentions for their financial futures, but that willpower alone is not always enough to drive a long-term change in behaviour."
The app will be trialled by 500 HSBC customers during a three-month period.
HSBC previously introduced a text message system that warns customers when they are reaching their overdraft limit.
LSE Professor Paul Dolan said: "Just as personal trainers can be effective in helping individuals stick to their exercise goals, financial institutions can play an important role in helping their customers follow through with their good financial intentions."
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