Nedbank’s MyFinancialLife, the free Personal Financial Management tool, is now available to to all, putting customers in control of their finances by connecting them to all institutions that they have a financial relationship with and giving a clear financial picture in one secure place.
The app had previously only been made available to the bank’s staff.
Ingrid Johnson, Group Managing Executive Retail and Business Banking at Nedbank said “We are delighted to bring you MyFinancialLife as part of our ongoing commitment to empower all in South Africa to build financial fitness. Whether just starting out or seeing greater financial security within reach, it is important to consistently manage ones finances, yet increasingly challenging to make the time available.”
MyFinancialLife caters for individuals and families, and assists families to budget and plan for their financial goals. It also allows micro-enterprises to manage their business’ financial affairs.
“We are always looking at ways in which we can make our hard earned money work better for us,” said Johnson. “It is for this reason that Nedbank developed MyFinancialLife as the online hub for anything relating to the financial aspects of one’s life.”
It is the latest innovation from the bank, which recently made its App Suite available to users of Android Tablet, iPhone and iPad.
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.
Below is a list of features available to both Nedbank clients and non-clients:
– ‘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 categorised 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 percent 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.
