In Brazil, HSBC has launched an app for Facebook that shows a consumer’s life as a wealth statement.

The app uses information published on the user’s Facebook wall, such as occupation, places visited, interests, and friends. For HSBC, the app is an entertaining way to engage users through the wealth management concept, and stimulate consumers to think about what really matters in life.

“In a fun way, the app allows the user to assess whether he practices what really matters in life. This reflection allows the consumer to understand the concept of wealth management in a very tangible way.”
– Daniel Perez, creative director of Grey Brazil, to exame.com

What really matters

Banks have been engaging in a variety of entertaining initiatives to educate consumers about financial matters. For instance, they are more often using interactive sites and online videos to give tips on financing and credit lines and one has launched fan pages exclusively dedicated to kids’ financial education. Now, consumers can get a life statement instead of a bank statement that reflects on their wealth management.

Indeed, it is important to instruct consumers about savings and encourage them to prioritize what is important in life. Many consumers understand that there is more to banking than simple savings, but many are still worried about their finances. According to Mintel’s Marketing to the Middle Classes Brazil March 2013 report, more than one in three Brazilians consider their financial situation as tight, struggling or in trouble.

To help consumers manage debt, credit card companies can also engage in similar initiatives and instruction and encouragement can start from childhood. For instance, MasterCard in Argentina is recommending parents give their children a gift that can help them learn about saving money or how to view value in their lives.

 

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