One personal and business bank account provider in the UK has launched a new service to aid its online banking customers track and budget their spending.
Lloyds TSB follows in the footsteps of independent website Money Dashboard in providing a new suite of budgeting tools designed specifically for online banking. The new service will allow Lloyds customers to categorise certain types of outgoings into groups such as clothes, entertainment, restaurants, and household expenses.
Called the Lloyds TSB Money Manager Service, it can then use a set of simple and easy to read charts to illustrate the entire cash flow of a given customer over periods of two years at a time.
The service also boasts a calendar feature that shows all regular spending such as standing orders and direct debits. A spokesperson for the bank stated that the cutting edge service, which is free to use, is demonstrative of Lloyd’s commitment to its customers.
The spokesperson continued by stating that the service is yet one more practical way for the bank’s customers to take control of their banking on a day-to-day level. Lloyds TSB has invested in the tools to help their customers gain greater control of their money because the bank knows its customers desire it, the spokesperson added.
The new online banking tools borrow heavily from other budgeting software suites used by M&S Money, First Direct and online current accounts through Egg. In excess of 3 million Lloyds customers bank online, according to the financial services provider.
The Lloyds TSB spokesperson remarked that tools to manage customer cash are poised to play a central role in the future of online banking. Unlike the Money Dashboard website, the Lloyds cash management tools only support the tracking of Lloyds TSB financial products such as current accounts.