MyFinancialLifeTM is an online personal financial management tool that is highly secure, easy to use and rich in functionality empowering consumers to achieve their aspirations and financial goals.
MyFinancialLifeTM provides a consolidated view of a user’s entire financial position online and in one place.
The tool allows clients to link accounts from various banks and non-banking financial service providers in a highly secure environment, which is enabled through an innovative digital security mechanism, called Approve-itTM. This is recognised as a world class technology solution that allows clients added piece of mind when using internet banking. Nedbank clients can access MyFinancialLifeTM directly from within their electronic banking, providing an additional security layer.
This core functionality will be available to Nedbank and non-Nedbank clients for free* (terms and conditions apply). Future additional value added functionality may be priced separately, as these become available.
MyFinancialLifeTM caters for individuals and the entire household. Family members' accounts can also be linked onto the same dashboard, assisting families to budget and plan for their future. Micro-enterprises may also find this tool useful in managing their business financial affairs.
Net worth calculation - consolidated view of your financial position, based on financial accounts linked or non-financial assets added manually; nedbank clients will have some accounts pre-populated.
Spend analysis - shows your spend graphically based on the categorized card and electronic transactions. initially a manual intervention, the system will then automatically recognize all your transactions repeated with the same supplier.
Budgeting - allows you to track your actual spend against your planned spend
Saving for a goal - a goal-save tool that allows you to set goals, categorise them, choose an amount you would like to save during a specific timeframe - and then calculates how much should be put aside to meet your goal - such as saving for a holiday, education or buying a new car.
Alerts - can be set on budgeting or goal-save functions and can be sent via e-mail or sms. you can, for instance, set up alerts when 50% of your allowed credit card limit has been reached or when you have exceeded a budgeted amount.
Calendar view - allows you to track debit orders against payments that need to be made, making it easy to view weekly, monthly or yearly transactions, ensuring that you have always planned to have sufficient funds available.