Money Dashboard, the first
UK-based personal financial management tool (PFM), was launched on
19 January following a successful trial.
Powered by the online banking
solution provider Yodlee, Money Dashboard has been designed to
offer a simple online solution for consumers who struggle to keep
track of spending and income.
Go deeper with GlobalData
By aggregating balances and
transactions from multiple online bank accounts brands and credit
cards brands in one secure view, Money Dashboard was designed to
give users a clear picture of all their accounts in one
place.
Levels of demand for the
application consistently exceeded expectations and the first round
of testing was over-subscribed, despite the release of thousands of
extra places.
Money Dashboard founder and
CEO Gavin Littlejohn said the UK government’s austerity measures,
coupled with the ongoing impacts of the recession, have forced the
public to look for ways to save and manage their finances more
effectively.
“The UK consumer has
shrinking access to financial advice, with few people either
knowing their bank manager, or having an independent adviser from
the professionally qualified sector,” said Littlejohn.
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By GlobalData“Money Dashboard is a product
that will take a lot of the fear and hassle out of managing on a
tighter budget.”
In Canada, Bank of Montreal
(BMO), Canada’s fourth-largest bank by assets, kicked off the New
Year with the roll out of BMO MoneyLogic, an online personal PFM
tool that enables customers to set and track savings
goals.
Frank Techar, president of
Canadian personal and commercial banking at BMO, said that the
launch was timely. Canadians currently save only 3.3% of their
disposable income, down 1%age point from a year ago.
Techar added: “Banks have a
responsibility to help Canadians manage their finances and we know
our customers have been waiting for a better way to get a clear
picture of where their money is going on a day-to-day
basis.
“BMO MoneyLogic is a free
tool that provides our customers with immediate insights into their
spending and savings habits and will help them take better control
of their household finances.”
BMO’s MoneyLogic offering
follows the successful launch last June of rival Royal Bank of
Canada’s myFinanceTracker programme.
The goal for banks utilising
PFM is to increase customer retention. A report last year from
consultants Aite found that one in four users said they were less
likely to close their account and switch to another bank as a
result of using PFM.
In fiscal 2010, retail
deposits at BMO’s Personal and Commercial Canada unit increased by
only 0.4%. In the fourth quarter, its market share of deposits fell
by 50 basis points to 11.8% from the year ago period.
MoneyLogic is linked to BMO
bank accounts, lines of credit and BMO MasterCard accounts, and
provides an overview of those accounts, including:
- Transaction
Management: Customers can see their spending and saving
within categories, such as ‘auto’, ‘grocery’ or ‘home’.
Additionally, customers can create their categories that match
their own spending habits; - Saving:
Customers can set savings goals and track progress; - Budgeting:
Customers can set budget limits and receive notifications when
limits have been reached; and - Reporting:
BMO MoneyLogic collects the customer’s spending and saving data and
produces charts and graphs, providing a perspective on day-to-day
spending and saving.
Notable bank PFM launches
have in-
cluded:
- Wells Fargo launched My
Spending Report in 2005 and My Savings Plan in 2006 and ATM Cash
Tracker last December; - Bank of America’s My
Portfolio PFM tool – the bank is planning to redevelop its PFM
offering, to coincide with a redesign of the bank’s
website; - PNC debuted its Virtual
Wallet product in 2008. The three-in-one account combines current
with short-term and long-term savings and is one of the most
successful PFM tools to launch to date, and - In 2009, UniCredit subsidiary Bank Austria unveiled its
Mein Geld (My Money) PFM service, offering budget planners, advice,
investment trends and other financial information.
