OCBC has launched Singapore's first money management tool for users to automatically track spending habits and compare financial data with peers of similar demographics, said the bank.
The tool, OCBC Money Insights, integrates customers' savings, current and credit card accounts to allow easy monitoring, budgeting and goal-setting through an automatic expense tracking and categorisation system.
Since its launch on 21 January this year, approximately 60,000 customers have been using its online and mobile app for iPhones and iPads.
Based on the positive take-up rate, Pranav Seth, head of OCBC e-business and business transformation, stressed the importance of making valuable information on personal finance easily accessible to users.
"Having the insights on where our money is going and knowing how we compare with others without investing hours of our precious time can help us better manage our personal finances," he said.
With the money management tool, users can track their spending habits by month or predefined categories like dining, entertainment, insurance and investments.
They will also be able to stay on top of their finances through the help of SMS or email alert in the event when spending is about to exceed preset limits for monthly budgets or specific categories.
In addition, reminders can be set to schedule fund transfers for bill payments or specific credit card payment amounts.
Beyond expenditure tracking, the tool also aims to foster discipline saving by allocating different saving goals into multiple 'sub-accounts' under one savings account as funds can only be withdrawn under the main account.
Insights on financial behaviour of people with similar demographics can be gained through a 'People Like You' feature which compares individual's savings, expenditures and investment patterns.
According to the feedback from customers who have used the application, 89 percent said they have found something new or interesting about their expenditures and savings and 91 percent said the tool has ease the efforts to track and manage finances.
In a statement, OCBC claims it is committed to cater to an overwhelming demand on mobile and Internet banking as its mobile banking customer base surged 75 percent last year compared to a year ago while its Internet banking customer base has increased 33 percent in the same period.
Although OCBC Money Insights may be joining a plethora of money management tools, Seth said: "It is the first to combine banking with an online tool that automatically tracks your finances as well as helps you save and understand your spending habits with minimal efforts."
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