Brokers who have customers with AMP bank accounts may find assessing living expenses a little easier now.
The lender has introduced a new budgeting facility on the My AMP app, which even tracks accounts held with other financial institutions. By introducing Money Manager it hopes to give Australians a clearer view of their spending and saving habits.
Money Manager allows customers to connect and view all financial accounts in the one place, including those held with other financial institutions, and track where their money is going.
Users can quickly apply micro-budgets and categories to their transactions, such as income, hobbies, shopping and kids, to clearly see what areas of their life place the biggest demand on their cashflow.
Other functionality includes graphs and visual cues to highlight if a customer overspends on their set monthly budget.
The My AMP app budgeting functionality links to the more detailed online version of the Money Manager budgeting tool available through My AMP, which allows customers to create and track a detailed budget for a 12-month period, where the app focuses on current spending patterns.
The new functionality interacts with, and dynamically updates, Money Manager online, allowing customers to monitor their finances in whatever way is most convenient for them at the time.
AMP’s Director of Digital and Design, Michael Weeding, said the development of the mobile functionality responds to customers’ desire to manage their finances how and when it suits them.
He added, “Helping people explore, plan and track their goals is an important part of life we want to support our customers through with easy access to the tools they need, when they want them.
“AMP’s Money Manager offers an easy and intuitive way for customers to take a bird’s eye view of spending habits and how they might be affecting their ability to achieve their goals.”
