BMO latest to integrate PFM with online banking

BMO latest to integrate PFM with online banking

BMO Bank of Montreal has launched BMO MoneyLogic, an online personal financial management tool that enables customers to set and track savings goals.

The new service comes during a period when Canadians' overall savings are lagging amid rising debt levels. A recent poll from Leger Marketing found 40% of Canadians are looking for a tool that will help track their finances more effectively on a day-to-day basis.

BMO MoneyLogic is linked to BMO bank accounts, lines of credit and BMO MasterCard accounts, and automatically provides a total view of these accounts, backed by user-controlled facilities for categorisation of spending, setting targets for savings, and budget control, including automatic e-mail notification as specific monthly budgets are breached.

Frank Techar, president of Canadian personal and commercial banking at BMO, says: "Banks have a responsibility to help Canadians manage their finances and we know our customers have been waiting for a better way to get a clear picture of where their money is going on a day-to-day basis. BMO MoneyLogic is a free tool that provides our customers with immediate insights into their spending and savings habits and will help them take better control of their household finances."

BMO is among a host of financial institutions moving into the personal financial management arena. The integration of PFM tools into online banking services has become a major investment priority for North American retail banks as they bid to reconnect with their customers during a prolonged economic downturn.

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