Royal Bank of Canada (RBC) has launched Canada’s first online
financial management tool as the importance of personal financial
management (PFM) takes increasing prevalence in the retail banking
sector.  

Canada’s largest bank by assets and market capitalisation has
unveiled myFinanceTracker, free for RBC’s online banking
customers and available at http://www.rbcroyalbank.com/newolb,
to allow users to categorise transactions, track expenses and
create budgets for all personal banking and credit card
accounts.

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The tool also alerts customers if they exceed their limit, while
customers can manually set up targets for one or more accounts
triggering another alert if the balance drops below the set
parameters. 

“myFinanceTracker will help our clients save time and money
while managing their finances,” said James McGuire, vice president
of digital strategy and experience at the bank.

“Canadians of all ages and income levels are telling us they
have a desire to better understand their financial situation. This
online tool …[is] an essential first step in reaching any
financial goal – whether it’s saving money for a child’s education,
retirement, getting out of debt or putting money away for a big
purchase.” 

The demand for PFM tools has become more important, according to
a poll by the bank, with the majority of Canadians (90%) using them
to tackle money management.

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Of this group, 23% said they wanted an automated way to access
transactions that is “simple and intuitive”.

The bank joins a raft of other financial institutions using PFM
tools to boost customer retention. 

Aite, the consultancy firm, predicts PFM will be one of the top
banking trends of the year alongside paperless banking and data
security.

The consultancy said a rise in the provision of PFM tools
in 2010 coincides with changing behaviour as a result of the
economic crisis, with people becoming more disciplined about
managing their finances (see
RBI 627).