Lloyds TSB makes PFM move

Lloyds TSB makes PFM move

Lloyds TSB has launched an online money management tool designed to help customers track spending across their current and credit card accounts.

The free Money Manager feature automatically breaks down spending into categories such as entertainment, food and travel, with the information displayed using graphs and charts.

Lloyds says it will pre-populate up to two years of spending for customers who can include as many of their accounts and cards as they want.

A survey last year from Yodlee found a strong appetite for online PFM services, with a quarter of respondents saying they would consider switching banks to get them in one place but 65% unaware that such a product even exists.

Earlier this month start-up Money Dashboard went live, offering Brits the chance to manage accounts from multiple providers in one place. However, research from the US suggests most people prefer to use PFM tools through banking sites, with security concerns trumping the advantages, such as account aggregation, offered by third party providers.

Comments: (1)

Bob Lyddon
Bob Lyddon - Lyddon Consulting Services - Thames Ditton 02 February, 2011, 21:54Be the first to give this comment the thumbs up 0 likes

I am a Lloyds TSB customer and I use their legacy suite of PFM tools available via mobile, internet, ATM and paper: the bank statement. That tells me what I spent and what on. Amazing - you get the amount, the date and the payee all on the same page. That's got to be a winner: I could imagine that 65% of retail customers and 56% of corporate customers would consider switching banks for access to that kind of PFM tool coming through the letterbox.