National Australia Bank launches PFM tool

Source: National Australia Bank

More than two million Australians will now be able to take more control of their finances, with NAB pioneering Australia's first financial management tool fully embedded in internet banking and directly linked to a customer's NAB accounts.

NAB's Money Tracker is a free, self-service money management tool that takes all of the headache and guess work out of budgeting, tracking money and saving for goals.

Money Tracker allows customers to:

Get an automatically categorised breakdown of where money is coming from and going to;
Split and change categories, that Money Tracker will remember for future purchases;
Set budgets and track against them;
Set up savings goals and savings forecasts.
NAB Executive General Manager Direct Banking, Sam Plowman, said Money Tracker allows customers to gain even more control and a greater understanding of where their money goes.

"It's the budgeting tool for people who don't have time to budget. Research shows us more than half of Australians don't save on a regular basis, Money Tracker will make this a lot easier for our customers.

"Unlike most other budgeting tools, Money Tracker is fully integrated into internet banking, doing a lot of the hard work by automatically categorising spending into things like groceries or dining out.

"It will also 'learn' and remember any changes you make for similar transactions in the future. It can even suggest budget targets for customers based on previous spending and forecast their financial situation - allowing customers to enter 'what if' scenarios," said Sam.

Group Executive Personal Banking, Lisa Gray, said new technologies like Money Tracker are another way we can help customers to better manage their money.

"Money Tracker puts more information in the hands of our customers to help them make fully informed decisions about their finances," she said.

"We believe what is good for our customers is good for our business, and giving our customers tools, guidance and advice to help them better manage their money is a big part of this."

The launch of Money Tracker is another major milestone in NAB's technology transformation, a long-term program of innovation helping make the customer experience faster and more flexible, following the launch of NAB Trade and ongoing success of UBank.

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