Central 1 was the first financial institution in Canada to fully integrate personal financial management (PFM) tools into an online and mobile banking platform providing a seamless way for credit union customers to track their spending and expenses, set and monitor budgets and link their accounts held at other financial institutions across North America — all without having to leave their online banking session or open a separate web-browser tab.
I led the product and project to implement this core capability, positioning Central 1 as a market leader in PFM in Canada.
The PFM tools and deep integration with online banking were setup to automatically categorize users’ purchases and bill payments into categories and facilitate spending analyses, making it effortless for users to better understand where they are spending their money so they can make informed decisions that align with their financial goals.
Easy-to-read charts and graphs allow users to see their spending across all categories for a chosen period and also view individual categories and transactions. At the same time, dynamic budgets update to show users how fast they’re approaching the amount of money that they’ve allocated to spend on any given area. Budgets are automatically set for all categories based on users’ last five months of spending and can be changed at any time.
PFM demo video: https://www.youtube.com/watch?v=Ar3V1lk4VQI
- Categorizing transactions. Makes it simple for users to get breakdowns of which areas they spend money on.
- Spending analyses. Show users their total spending over a 13-month period or a selected period of time and by category.
- Managing budgets. Lets users easily set budgets and stay on track with their expenses.
- Linking accounts. Provides a complete picture of a user’s overall finances because they can view the balances and activity of all their holdings, including accounts held at other financial institutions, investments, credit cards and even reward programs.
- Going mobile. Users can view their spending and budgets through mobile web and mobile app services.