NAB adds budget widget to internet banking

Money Tracker is not yet available for NAB's mobile banking customers, but it is on the cards, according to the bank.
Written by Spandas Lui, Contributor

The National Australia Bank (NAB) has unveiled a budgeting tool for its internet banking customers.

The Money Tracker widget appears on the sidebar of a NAB customers' internet portal as soon as they log in. The tool provides users with a visual mapping of their spending behaviour based on their transaction records. It gives an automatic breakdown of what goes in and out of customer bank accounts.

That way, NAB's 2.1 million internet banking customers can plan their finances ahead of time, according to the bank's executive general manger for direct banking Sam Plowman.

Money Tracker is only available through browser-based internet banking and is not accessible through NAB's mobile banking apps. An NAB spokesperson told ZDNet that Money Tracker for mobile banking is on the radar for the next phase of development.

Plowman also said the new widget was a milestone for NAB's NextGen banking platform, which uses Oracle's offerings.

"Being fully integrated with our internet banking delivers exciting new capabilities and an enhanced experience for our customers," Plowman said in a statement. "It does a lot of hard work for customers by automatically categorising purchase and learning from any changes made for future transactions."

Money Tracker can also suggest budget targets for customers based on old transactional records.

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