Johannesburg, 03 Sep 2012
Nedbank has launched its personal financial management service, MyFinancialLife, to staff ahead of its planned public launch in September.
“We believe that allowing our staff first-hand experience of interacting with this exciting new innovative tool, before launching it to the market, will ensure an improved client experience,” says Nedbank.
Nedbank has been working on the MyFinancialLife product since May 2010. The service will be available to both Nedbank and non-Nedbank clients and will be free of charge.
MyFinancialLife will scrape all transactional data from the past 90 days, to build an overview of the user's finances in a single dashboard. Nedbank clients will benefit from having their data pulled into the service as a live feed, while for non-Nedbank clients the service will update on each login.
The service automatically categorises spending and income, and provides graphical representations in the form of bar graphs and pie charts to help gain a clearer perspective on spending habits, while also providing tools to help with budgeting or saving towards specific goals.
The new service will provide six core functions at launch: net worth calculation, spend analysis, budgeting, saving for a goal, customisable alerts and a calendar view.
“Micro-enterprises may also find this tool useful in managing their business financial affairs,” notes Nedbank.
MyFinancialLife was first unveiled at the end of July, and speaking at the launch event, Ingrid Johnson, group managing executive for retail and business banking for Nedbank, said: “We want MyFinancialLife to be the single hub and place where everything comes together for people's financial lives. We would love the service to be the one place you go for everything you need financially.”
According to Nedbank, MyFinancialLife is built into its online banking service, and will automatically have a live feed of data for existing clients. Non-Nedbank clients will be able to access the service via a standalone site.
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