Spain's BBVA has added a diagnostics tool to its app that gives customers a picture of their financial health and then offers a made-to-measure plan for improving it.
BBVA Bconomy promises to give customers an X-ray of their financial health, analysing monthly income, expenses, housing expenditure and debt to come up with a score of between zero and 100 points based on four variables: monthly savings; economic freedom; expenditure on housing, and on loans for delayed card payments.
If a customer spends more than they are earning they receive a score of below 50 and the bank offers an action plan with personalised measures to help them improve in each of the categories.
The new feature also lets users compare themselves with people in their surrounding area who are the same age, sex, and in the same salary range, helping to evaluate whether they are, for example, paying too much for electricity.
Elena Alfaro, director, data and analytics and open innovation, BBVA, says: "The intelligent use of data provides personalisation, relevance and improved decision-making. We want customers to understand and control their finances, so that they are more relaxed as they meet their objectives."