RBC launches Canadas first integrated online financial
Provides automated transaction categorization, expense tracking and budgeting
TORONTO, May 31, 2010 RBC today launched
myFinanceTracker, Canada's first online financial management
tool integrated into an online banking system. myFinanceTracker
will automatically categorize transactions, track expenses
and provide advanced budgeting capabilities for all personal
banking and credit card accounts.
"myFinanceTracker will help our clients save time and
money while managing their finances," said James McGuire,
vice president, Digital Strategy and Experience at RBC. "Canadians
of all ages and income levels are telling us they have a desire
to better understand their financial situation. This online
tool can help clients track and manage where they are spending
money, an essential first step in reaching any financial goal
- whether it's saving money for a child's education, retirement,
getting out of debt or putting money away for a big purchase."
A recent RBC poll shows there is demand for advanced yet
simple online banking capabilities. A vast majority of Canadians
(90 per cent) using financial tools take a combination approach
to money management. Among this group, 23 per cent are looking
for an automated way to access transactions that are simple
This tool is available at no cost to all personal RBC online
banking customers, and will enable them to create a set budget
and track their spending habits. If users exceed their set
limit, an alert will notify them. They will also have the
ability to establish an account balance target for one or
more accounts and an alert will be triggered when the balance
of an account drops below the set parameters.
myFinanceTracker provides online banking customers with the
following online capabilities:
Categorizing account transactions - myFinanceTracker
can group similar transactions into main categories such as
"travel" or "grocery". Consumers can further
customize transactions by defining their own categorization
rules, such as adding purchases from a book store into the
Budgeting - Consumers will have the ability to clearly
define their budget with a maximum spending limit on each
category and sub-category for a defined period. They will
also be able to establish a budget based on dollar value.
For example, users can set a $200 limit on dining out.
Tracking income and expenses - Account transactions
will be displayed for each category or sub-category, along
with the budget limit.
Managing your money - Consumers will have access to
a calendar view of their past and pending transactions, printer-friendly
reports and the ability to set a maximum spend for transactions
and account balances. An alert will be sent if they exceed
their maximum transaction budget or if they fall below the
set account balance.
Visit the newly designed online banking site where you will
find access to myFinanceTracker http://www.rbcroyalbank.com/newolb
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries
operate under the master brand name RBC. We are Canada's largest
bank as measured by assets and market capitalization, and
among the largest banks in the world, based on market capitalization.
We are one of North America's leading diversified financial
service companies, and provide personal and commercial banking,
wealth management services, insurance, corporate and investment
banking and transaction processing services on a global basis.
We employ approximately 77,000 full- and part-time employees
who serve more than 18 million personal, business, public
sector and institutional clients through offices in Canada,
the U.S. and 53 other countries. For more information, please
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Jill Quinn, RBC, (416) 313-8121
Suzanne Willers, RBC, (416) 974-2727