Consumers now have an easy way to track their expenses and compare it with the average spending of their peers.
An online tool dubbed OCBC Money Insights launched by OCBC Bank aims to save its e-banking customers the hassle of entering their daily expenses into spreadsheets or other personal financial management apps. The tool, available on its website and the OCBC Bank app for iPhones and iPads, is integrated with bank users' savings, current and credit card accounts for easy tracking.
With OCBC Money Insights, users can view their expenses by month or predefined categories like dining, entertainment, groceries and insurance. The information is present in a graph, providing tracking for up to a year.
Users can set SMS or email alert for occasions when their monthly spending exceeds a specified limit for certain categories or on the whole. Reminders can also be set for when credit card payments are due.
A "People Like You" feature lets customers compare their spending and cash withdrawals against the average spending and withdrawals of customers of the same age group, gender and marital status.
"We aim to provide experiences and insights that allow customers to gain more value from their relationships with us every time they login to OCBC online banking," said Mr Pranav Seth, head of e-business and business transformation at OCBC Bank on Monday.
OCBC Money Insights has been available since January, with over 50,000 users to date.