Australia’s Bank of Queensland (BoQ)
has launched a free online personal financial management(PFM) tool
that lets users view and track their finances, spending and savings
habits using graphs and charts.
The budgeting service, called BoQ My
Budget and available at www.boqmybudget.com.au, can be
used by anyone, regardless of whether they are customers or not and
allows the user to view trends in their finances, categorise
transactions and set projected savings goals.
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BoQ internet banking customers who
sign up to the service can automatically upload their transaction
history, while non-BoQ users will be required to import their
history manually from their bank.
Traditionally the domain of
independent sites such as Mint, PFM tools are increasingly
beingused by banks including BoQ 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).
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