Without any trace of irony, Klarna is reviving a feature which enables customers to look back on their personal spending history over the past year and get nudges to better money management tools in the app.
With Money Story, consumers can identify their peak spending months, top purchases of 2023, and categories they purchased the most in, which they can then convert into financial goals for 2024 using Klarna’s money management tools, including budget trackers and price comparison.
The roundup is much like Monzo's ill-fated end-of-year Wrapped campaign informing customers of where they'd flittered away their cash over the previous year, prompting an outpouring of hand-wringing shame and anger on social media.
Money Story includes data from all spending with Klarna, such as purchases made via the app and card at partnered retailers’ checkouts, and purchases where a consumer has chosen to connect their bank account to the Klarna app. In 2023, one of the top categories on consumers’ global shopping lists was Clothing & Shoes followed by Home & Garden. With a costs of living squeeze biting, the month consumers spent the most deferring their shopping spend was November, in line with peak holiday season.
Each user’s insights include prompts to use Klarna’s money management tools, such as setting and tracking a monthly budget, alongside a view of how much money was spent each month.
Raji Behal, head of Western and Southern Europe, UK & Ireland at Klarna, says: "By gamifying a typically tedious and daunting task of managing finances, we hope to inspire users to take control of their finances and optimize their spending in 2024 and beyond."
Learn more about payments at NextGen Nordics on the 23 April 2024.