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.