There is a lot we can’t control in our financial lives. The economic fallout from an event such as the pandemic is one example.
But there are ways to soften the blow of such experiences by focusing on the aspects of our finances that are within our control.
“Those who have a handle on their finances will be better positioned to weather a financial storm,” says Kobus Burger, Head of Data and Analytics for Client Solutions.
“The unfortunate reality is that too many individuals have low involvement in their finances. It is a widely known fact that South Africans are big spenders and face high levels of debt.”
In the pandemic environment, however, many people are having to keep track of where every rand and cent goes.
The financial challenges posed by the pandemic have prompted or even forced many individuals to understand and gain control of their financial positions.
“While small purchases here and there may seem like they won’t make too much of a dent, they often tend to pile up and fester into something bigger. Ultimately, the solution lies in getting your money in order. But managing personal finances can be overwhelming.”
Not so long ago, clients conducted most of their financial affairs through a single bank. Nowadays, it is not unusual to have multiple banking relationships.
As a result, individual’s assets and liabilities are with a wide range of institutions. For example, one’s pension or provident fund is seldom invested with one’s own bank.
“Our financial lives are multifaceted, which makes it trickier to keep track of everything at once,” says Kobus Burger of Standard Bank.
“We may have a credit card/s with one institution and a transactional account with another. Added to that are pension and provident funds, savings & Investment accounts, which often are with multiple financial institutions, locally and possibly even abroad.”
This can make it difficult to have a holistic view of your financial situation.
Fortunately, however, personal financial management apps are making it easier and more cost-effective than ever before to manage your various assets and liabilities securely, from anywhere and at any time.
Standard Bank harnessed advanced technology to provide its customers with more convenient solutions for managing their money.
The Standard Bank My360 app, for instance, provides a global, consolidated view of your entire financial life across more than 20 000 global financial institutions from one touch point.
This means that you can get a full view of your assets and liabilities and the specific asset classes, regardless of institution or geography where your accounts reside.
Get an accurate picture of your net wealth
My360 provides the opportunity to see your wealth from a myriad of views. Namely asset allocation charts, net wealth breakdowns, and onshore versus offshore allocations.
After setting up a My360 profile, users can start linking all their accounts. These could be with Standard Bank or any other financial institution like Online Share Trading, Webtrader or Wealth International.
For a more accurate picture of net-wealth, users can link private or alternative investments such as valuable art, a classic car collection and property to their My360 dashboard.
“Standard Bank has integrated the LookSee Home Evaluation capability into My360 so that when users link a property, they can retrieve an estimated current value for the property by simply entering the property’s address” says Kobus Burger.
Easy to use, friendly interface
Kobus Burger says that the My360 app has been designed to provide clients with a platform that offers simplicity and ease of use, and to reduce the complexity and time-consuming nature of managing your finances. Users have access to a range of easily understandable masterclass videos about investing.
Save and invest towards your financial goals
To make it easier for clients to set and achieve financial goals, Standard Bank has developed a save and invest feature into My360, which provides a way for users to receive financial planning assistance.
The feature gives you information that will help you set and reach a goal like saving for your child’s education or to purchase a home.
“The save and invest feature helps users to define their goal, and set an amount, which can be adjusted for inflation and will then reflect a more accurate idea of how much it will cost to fund the goal over the years. Depending on your risk profile, the feature will recommend a savings or investment plan to fund the specific goal. The progress of which can then be tracked daily,” says Kobus Burger.
Secure, 360 views of your assets
When it comes to digital solutions and your financial information, it is critical to ensure that you consider solutions that are safe and secure. As Standard Bank increases its efforts to roll out new digital solutions, so too do considerations around safety and security.
My360 complies with the same stringent security patterns as the Standard Bank Banking app.
My360 recognised for promoting financial wellness
Standard Bank’s My360 app was recognised at the sixth annual Benzinga Global Fintech Awards in the Most Innovative International Fintech category, which honours financial institutions that have recently implemented technology allowing users to improve their financial wellness.
Kobus Burger believes this recognition demonstrates the business’s commitment to placing digitisation and client needs right at the centre of its strategy.
“We are highly encouraged by the recognition of My360, which we believe to be a necessary tool for a time when customers are having to engage across multiple digital channels. This brings ease and convenience by allowing clients to manage their financial activities in one place.”