June 5, 2010

RBC integrates finance management tool in web banking

TORONTO--RBC Royal Bank of Canada has launched myFinanceTracker, a financial management tool which is integrated into its online banking system. James McGuire, vice president, Digital Strategy and Experience at RBC, tells Payments Business that RBC is the first Canadian financial institution to build personal financial management into web banking.

“We talked to our customers, and what they said they wanted was help in managing their finances online in today’s uncertain economic climate,” McGuire says. “There are a number of personal financial management (PFM) offerings available, but they have a U.S. focus as they were developed for the American banking market. So we decided to design a tool that would be relevant for Canadian internet banking customers.”

myFinanceTracker automatically categorizes transactions into logical groupings, tracks expenses, and provides advanced budgeting capabilities for all personal banking and credit card accounts, RBC says.

Customers can use the free tool to create a set budget and receive alerts when their spending limits are exceeded. They also have the ability to establish an account balance target for one or more accounts and to receive an alert when the balance of an account drops below the set parameters.

McGuire says that RBC plans to add a capability to track its customers’ direct brokerage and investment accounts in a subsequent version of myFinanceTracker.

Currently, RBC offers a capability for customers to view their holdings at other financial institutions. McGuire says the bank might decide to integrate this account aggregation capability with myFinanceTracker.

For information on myFinanceTracker, see http://www.rbcroyalbank.com/newolb/

 

 

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