Nedbank My Financial Life now live
Nedbank’s online personal financial management tool – My Financial Life – is now live for public use following an extended in-house beta testing since August.
My Financial Life joins other personal finance platforms including MoneySmart and 22seven in providing a consolidated view of a user’s entire financial position through an online portal.
Nedbank’s offering enables clients to link accounts from various banks and non-banking financial service providers in a “highly secure environment”, which is enabled through a security mechanism called Approve-IT.
At launch, My Financial Life provides six core functions to both Nedbank and non-Nedbank clients at no charge, enabling clients to customise their dashboard in-line with their individual financial interests and requirements:
- Net worth calculation – consolidated view of your financial position, based on financial accounts linked or non-financial assets added manually; Nedbank clients will have some accounts pre-populated;
- Spend analysis – shows your spend graphically based on the categorized card and electronic transactions. Initially a manual intervention, the system will then automatically recognize all your transactions repeated with the same supplier;
- Budgeting – allows you to track your actual spend against your planned spend;
- Saving for a goal – a goal-save tool that allows you to set goals, categorise them, choose an amount you would like to save during a specific timeframe – and then calculates how much should be put aside to meet your goal – such as saving for a holiday, education or buying a new car;
- Alerts – can be set on budgeting or goal-save functions and can be sent via e-mail or SMS. You can, for instance, set up alerts when 50% of your allowed credit card limit has been reached or when you have exceeded a budgeted amount;
- Calendar view – allows you to track debit orders against payments that need to be made, making it easy to view weekly, monthly or yearly transactions, ensuring that you have always planned to have sufficient funds available.
Nedbank clients can access MyFinancialLife directly from within their internet banking, providing an additional security layer, and via www.myfinanciallife.co.za for non-Nedbank clients.
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