Nedbank is set to launch an online personal finance management tool, which will allow consumers to plan for their aspirations and financial goals. The bank said the free tool, MyFinancialLife, will provide a consolidated view of users’ entire financial position online in one secure place and will be available to new and existing clients by the end of August this year.
“We are delighted to bring you MyFinancialLife as part of our ongoing commitment to empower all in South Africa to build financial fitness. Whether just starting out or seeing greater financial security within reach, it is important to consistently manage ones finances, yet increasingly challenging to make the time available. We are always looking at ways in which we can make our hard earned money work better for us. It is for this reason that Nedbank developed MyFinancialLife as the online hub for anything relating to the financial aspects of one’s life,” said Ingrid Johnson, group managing executive retail and business banking at Nedbank.
“MyFinancialLife allows clients to link accounts from various banks and non-banking financial service providers in a highly secure environment, which is enabled through an innovative digital security mechanism, called Approve-it. This is recognised as a world class technology solution that allows clients added peace of mind when using internet banking. Nedbank clients can access MyFinancialLife directly from within their electronic banking, providing an additional security layer,” added Anton de Wet, Nedbank managing executive – client engagement.
MyFinancialLife will provide six core functions enabling clients to customise their dashboard in line with their individual financial interests and requirements. The net worth calculation will provide users with their financial position based on financial accounts or non-financial assets that are linked or added manually. The spend analysis tool will graphically show categorized card and electronic transactions, while the budgeting tool will allow customers to track their actual spend against their planned spend.
The goal-save tool will allow clients to set goals, categorise them and choose the amount that they would like to save during a specific time frame. It will then calculate how much savers should put aside to meet their goals. Alerts can be set on budgeting or goal-save functions informing users via email or SMS. The calendar view function will allow clients to view their weekly monthly and yearly transactions and track debit orders against payments that need to be made.
Johnson said that the bank will consistently add to the functionality based on clients’ needs and feedback. “Wouldn’t it be great to be reminded regularly of what you need for your retirement, how your investments are performing, how much you still need to save based on different retirement ages and a quick right click for some investment options - online? That would certainly make a great difference towards ensuring financial fitness,” added Johnson.