The latest craze from Japan is the Banclock, which is an alarm clock that forces you to save money.
The Banclock is a simple concept; when the buzzer goes off, insert a coin. That's right, there's no snooze button, or off button. The only way to keep the buzz from buzzing is to deposit money in your personal Banclock Bank. You have to pay for extra sleep.
The Banclock Bank comes in five different colors, black, white, red, blue and yellow. It's available for purchase in Japan for ¥5,985 or $28-$51. Start your savings!
What's Driving This Trend
- Snooze-based Savings
- Innovative alarm clocks like the Banclock Bank that incentivize savings based on snooze behaviors present opportunities for similar products and services.
- Forced Saving
- Innovative personal finance products like the Banclock Bank, which requires savings deposit to turn off, can disrupt saving and investment industries.
- Behavioral Economics-driven Savings
- Innovative products that leverage behavioral economics principles like the Banclock Bank demonstrate opportunities for disruptive innovation in finance related industries.
Who This Affects Most
- Personal Finance
- Innovative personal finance products that encourage good saving/budgeting habits like the Banclock Bank demonstrate an opportunity for disruptive innovation in personal finance.
- Alarm Clocks
- Innovative alarms, like the Banclock Bank, that gamify, incentivize and disrupt traditional alarm clock features have opportunities to disrupt the alarm clock industry.
- Behavioral Economics-based Design
- Innovative products that leverage behavioral economics principles, such as the Banclock Bank have an opportunity to disrupt finance-related industries through the implementation of behavioral design elements.
