1 Personal Finance Management
This topic describes information about Personal Finance Management. This module enables customers to take control of their money by providing them with a holistic view of their finances with the bank.
Personal finance refers to how the customer manages their money, including their income, expenses and savings. This module enables customers to take control of their money by providing them with a holistic view of their finances with the bank. With the help of the personal finance management tools, the customer can plan their finances and track their expenditure, set up goals and follow budgets.
This module comprises of multiple tools, such as,
- Spend Analysis
This tool provides an insight on the pattern or areas of expenditures. Customers can make smarter financial decisions by tracking their expenses over time.
- Goals
Enables users to visualize and reach their life goals more easily.
- Budgeting
Users can create custom thresholds, and can track their financial goals and relative performances.
Pre-requisites
- Transaction access is provided to retail user.
- Accounts are maintained in the core banking system under a party ID mapped to the user.
Features Supported In Application
The Personal Finance Management module supports the following features:
- Spend Analysis
- Goals
- Goal Calculator (pre-login feature)
- Budgets