June 1, 2010

myFinanceTracker from RBC a first for Canada

Integrated online tool makes banking easier

RBC has launched myFinanceTracker, Canada's first online financial management tool integrated into an online banking system. myFinanceTracker will automatically categorize transactions, track expenses and provide advanced budgeting capabilities for all personal banking and credit card accounts.

"myFinanceTracker will help our clients save time and money while managing their finances," said 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. This online tool can help clients track and manage where they are spending money, an essential first step in reaching any financial goal - whether it's saving money for a child's education, retirement, getting out of debt or putting money away for a big purchase."

A recent RBC poll shows there is demand for advanced yet simple online banking capabilities. A vast majority of Canadians (90 per cent) using financial tools take a combination approach to money management. Among this group, 23 per cent 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.

myFinanceTracker provides online banking customers with the following online capabilities:

Categorizing account transactions - myFinanceTracker can group similar transactions into main categories such as "travel" or "grocery". Consumers can further customize transactions by defining their own categorization rules, such as adding purchases from a book store into the "schooling" category.

Budgeting - Consumers will have the ability to clearly define their budget with a maximum spending limit on each category and sub-category for a defined period. They will also be able to establish a budget based on dollar value. For example, users can set a $200 limit on dining out.

Tracking income and expenses - Account transactions will be displayed for each category or sub-category, along with the budget limit.

Managing your money - Consumers will have access to a calendar view of their past and pending transactions, printer-friendly reports and the ability to set a maximum spend for transactions and account balances. An alert will be sent if they exceed their maximum transaction budget or if they fall below the set account balance.

Visit the newly designed online banking site where you will find access to myFinanceTracker http://www.rbcroyalbank.com/newolb/