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Benefits
Using real time internet banking data, myBudget helps internet banking users manage their finances by providing them with an easy to understand snapshot of their recurring payments, ongoing expenditure, future income and overall financial position.
The key benefits to end users are:
- Easy budgeting for novice budgeters
- Find out where, at a glance, money is being spent without a tedious set up process
- Identify spending and earning trends
- Quickly set targets to help control spending
- View savings projections
- Create savings scenarios
- Find out how much they can afford via spending scenarios and projections
- Compare spending with past years to see changes in trends
- Track how actual spending compares to targets
- Compare spending patterns with the general population
The benefits of myBudget to Financial Institutions are:
- Innovative functionality
- Customer retention
- Personal budgeting functions will increase the time on your website thereby increasing cross-sell opportunities
- Automatic categorisation of expenses will shift user behaviour toward more use of EFTPOS and Credit Cards for transactions and less use of Cash
- The visual representation of where momey is going and how it can be saved encourages retained deposits
- Automatic categorisation decreases transactional disputes by giving each transaction a context, helping users remember what each transaction refers to.
- Find out how much they can afford via spending scenarios and projections
