US-based M&T Bank has introduced a new digital tool in its banking platform and mobile app to enable customers better manage their finances.

Dubbed M&T Money Smart, the new money management tool will allow the user to combine their all accounts, including those from other banks, into a single dashboard.

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Overall, the tool is designed to provide the customer with a complete overview of their financial health.

Additionally, it offers budgeting and spending visualisations to track expenditures and help them to set financial goals.

It also comes with the debt payoff forecasting feature providing an indicative date when the customers will be debt-free.

M&T Bank executive vice-president of consumer banking, business banking and marketing Chris Kay said: “Our customers are increasingly looking to us to help them improve their financial quality of life, and we’re excited to be able to provide this added benefit.

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“Money Smart is a great addition to our online and mobile banking products and services and provides our customers with a powerful tool they can use to more effectively manage their finances without leaving the security of M&T Bank’s platform.”

In April this year, M&T Bank announced plans to hire around 1,000 people in different technological roles. The recruitment, aimed to support the development and deployment of new technologies, will be completed in five years.

Headquartered in Buffalo, New York, M&T Bank is a regional financial services company with $115bn in assets.

The company has more than 750 branches and 1800 ATMs across several US states.