Royal Bank of Canada (TSX:RY) has launched what it says is Canada’s first online financial management tool integrated into an online banking system.

The new tool “will automatically categorize transactions, track expenses and provide advanced budgeting capabilities for all personal banking and credit card accounts,” the bank said Monday.

“myFinanceTracker will help our clients save time and money while managing their finances,” says James McGuire, vice president, digital strategy and experience at RBC. “Canadians of all ages and income levels are telling us they have a desire to better understand their financial situation.”

A recent RBC poll shows there is demand for advanced yet simple online banking capabilities. A vast majority of Canadians (90%) using financial tools take a combination approach to money management. Among this group, 23% are looking for an automated way to access transactions that are simple and intuitive.

This tool is available at no cost to all personal RBC online banking customers, and will enable them to create a set budget and track their spending habits. If users exceed their set limit, an alert will notify them. They will also have the ability to establish an account balance target for one or more accounts and an alert will be triggered when the balance of an account drops below the set parameters.

Access to the tool is available at RBC online banking site www.rbcroyalbank.com/newoldb/

IE