Bank of Montreal has launched what it says is the first online personal financial management tool from a major bank that enables customers to set and track savings goals.
Launched Monday, BMO MoneyLogic arrives during a period when Canadians’ overall savings are lagging amid rising debt levels.
Frank Techar, president of Canadian personal and commercial banking at BMO (TSX:BMO), noted that Canadians are currently saving 3.3% of their disposable income, which is down 1 percentage point from a year ago. In addition, many Canadians ramped up their spending during the holidays, so now is a crucial time to have access to more personal finance solutions.
“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,” said Techar. “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.”
A 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, including transaction management, savings goals, budgeting and reporting.
“With almost half of our personal banking customers doing their day-to-day banking online, an intuitive, online personal financial management tool such as BMO MoneyLogic will bring clarity to our customers on where their money is going — which is the first step towards setting and achieving both short and long term savings goals whether it’s for your house or your child’s education,” said Lynne Kilpatrick, senior vice president, BMO Bank of Montreal.
In December U.S. online personal finance service firm Mint.com formally launched a similar service in Canada.
Mint.com connects directly to Canadian financial institutions, in addition to U.S. banks and credit unions, aggregating users’ account and transaction information. It categorizes spending, delivers detailed views of users’ finances, and provides money-saving suggestions specific to Canadians.
IE
BMO MoneyLogic designed to view, track and manage multiple accounts
4 out of 10 Canadians are looking for tools to help them track their finances more effectively: poll
- By: IE Staff
- January 10, 2011 December 14, 2017
- 10:12