Klarna launches 2022 spending overview solution

Entitled ‘Money Story’, the personal spending summary of 2022 is available in the UK Klarna app and aims to provide millions of consumers with clear and engaging spending insights in order to make money management approachable and to encourage smart financial habits. Money Story helps reveal spending habits to consumers in an engaging and familiar manner, as it leverages the animated ‘story’ format that has been popularised by social media.

Money management and how the solution falls into place

Based on details provided in the announcement, living more economically ranks amongst the top new year’s resolutions for consumers in the UK on a yearly basis. As highlighted in Klarna’s 2022 Holiday Survey, UK-based consumers have as their fourth most popular resolution for 2023 saving more or spending less. Having this knowledge at its basis, Money Story looks to have this changed by offering consumers clear and concise spending insights that can be converted into financial goals for 2023 leveraging Klarna’s money management tools.

Money Story helps simplify how consumers understand their spending throughout the year by visualising spending patterns and aims to make financial management increasingly fun and engaging through its animated quiz questions that prompt users to reflect on where they spent money in 2022. In addition to their total spending for 2022, consumers are also provided with insights segmented by month, retailer, and category, and the solution includes data from all spending with Klarna, including purchases carried out with the Klarna App, the Klarna Card and at partnered retailers’ checkout.

Looking to enable consumers to translate the insights from their Money Story into smart spending habits, each user’s Money Story includes nudges to discover and test the company’s free money management tools of the likes of its budget tracker and the monthly spending breakdown. The company aims to distinguish its app as an indispensable tool for savvy shoppers by providing financial wellness features alongside its price drop notifications, automatic coupons, and the price comparison service (which was launched in November 2022).

When commenting on the announcement, company officials advised that their goal with Money Story is that of making financial wellness increasingly approachable for millions of consumers. Furthermore, they stated that for Klarna’s users, this marks the first receival of a comprehensive overview of their yearly Klarna spending, and by having gamified money management, the fintech hopes to encourage users to take control of their finances and make the most of their money going forward.