National Australia Bank (NAB), Australia’s largest-bank by assets, has launched Money Tracker, an online personal financial management tool (PFM) designed to make it easier for customers to manage their money.
Money Tracker has been developed in partnership with online banking solutions provider Sandstone and uses customers’ expenditure and earning data to help them plan budgets by generating visual representations of spending behaviour and projected balances.
According to NAB, Money Tracker will allow customers to view and compare income expenses, see savings forecasts and set up budget targets and savings goals.
Sam Plowman, NAB executive general manager of direct banking, said Money Tracker would give customers greater control of their money and a better understanding of expenditure.
He added: "Research shows us more than half of Australians don’t save on a regular basis, so Money Tracker will make saving a lot easier for our customers.
"It will automatically categorise spending into things like groceries and it can even suggest budget targets for customers based on previous spending and forecast their financial situation."