The emergence of smart phones and tablets has driven an enormous amount of change in the way we run our everyday life. Knowing that the days of hand written cashbooks are over, the banks have entered the arena with a new and exciting take on helping consumers manage their finances.
NAB recently released its "Money Tracker" tool, and the best way to sum up how awesome it is is this: I immediately waved goodbye to my old bank and moved all my finances to NAB!
The Money Tracker runs on a complex engine that analyses where you spend your money and automatically categorises your transactions into a cash flow summary. It allows you to dissect transactions or change how they are categorised, and the program will learn and adapt based on this feedback so that it gets it right the next time.
Not only can you compare your income and expenses summaries for the month or week to that of last year or last month, but you can set yourself budget and spending targets on the go and keep track of your performance against them.
It's also never been easier to save - you can set your saving goals, then the Money Tracker helps you to plan ahead and set targets so that you know exactly what you have to do to reach your goals!
Here is the link to a video from NAB about the Money Tracker, which showcases some more features and other cool things - youtube
The other big banks are also catching up fast, with the Commonwealth Bank piloting a similar program and ANZ already having a comparable tool on their website.