Banco Sabadell moves into personal financial management
17 March 2011 | 8570 views | 0
Spain's Banco Sabadell is the latest bank to begin offering customers personal financial management capabilities as part of its online banking operation.
The free service, dubbed Personal Finance, lets the bank's 600,000 online customers make a detailed analysis of their expenses and income at any time, broken down by categories and comparing them with other months, or with the same period of the previous year.
Users can pool aggregated data from other banks on the site and set up mobile alerts for credit card transactions and account over-spends.
The bank says that 11% of its customer base have registered for the BS Móvil mobile banking channel since it was launched last year.
Manuel Tresánchez, director for personal banking at Banco Sabadell, comments: "With this new service we are taking a giant step forward in our strategy of rewarding customer loyalty by offering useful, value-added services that make it easier and more convenient for customers to manage their transactions with our bank."
Despite attracting an array of independent software start-ups, PFM is quickly becoming the preserve of the big banks, integrating spend management and budgeting tools with online and mobile banking services to offer customers value-added money management tools and promote increased loyalty.