Nedbank has unveiled its online personal financial management tool, My Financial Life, which aims to help South Africans manage their finances and encourage a more proactive savings culture.
In May, Treasury put South Africa’s gross national saving rate at 16%, while a survey conducted by Old Mutual found that economic uncertainty is causing South Africans to postpone making key financial decisions, including saving.
According to Nedbank, its new tool provides a consolidated view of a user’s entire financial position online and will be available to new and existing clients by the end of August, the bank said.
My Financial Life enables clients to link accounts from various banks and non-banking financial services providers in a “highly secure environment”, which is enabled through a security mechanism called Approve-IT.
The bank said there is a plan to bolt on apps as the bank continues to construct its “digital highway”. On Monday (23 July), Nedbank shared its app journey with a select audience, although it stopped short of officially announcing its App Suite open to the public.
The group announced the launch of its digital banking app in-house in June (although it started in March), giving staff beta access to the App Suite ahead of the planned public release.
At launch, My Financial Life will provide users with six core functions to customize their dashboard in line with their individual financial interests and requirements including a net worth calculation too; a spend analysis function; a budgeting tool; a saving for a goal feature; alerts; and a calendar view, which helps clients to track debit orders against payments that need to be paid.
The core functionality will be available to new and existing clients at no cost. The bank says that future additional value added functionality may be priced separately, as these become available.
“This is just the beginning, said Ingrid Johnson managing executive of retail and business banking. “We will be consistently adding functionality based on clients’ needs and asking our clients to innovate with us.”