Nedbank has begun offering a free
online money management tool to its customers, a move which it says
is a first for the South African market. The bank says the product
costs ZAR499 ($61) to buy off the shelf.

The Personal Money Manager, downloaded from
Nedbank’s website, enables the bank’s customers to analyse and
track transactions on their bank statements which are downloaded
through internet banking.

Other tools include:

• The ability to group, sort and view
transactions to determine the amounts and percentage of money spent
on ‘everyday’ items;

• Create graphs which provide a different view
of transactions identifying trends in expenses; and

• Create personalised financial records.

Bryan McLachlan, head of transactional
products at Nedbank, said the bank has realised the importance of
providing “added value that will enhance a client’s banking
experience” and the need to offer personal management tools to
increase loyalty.