About 65% of people don’t know what they spend their money on in a month¹ and more than half underestimate how much² they spend, which means most people are not thinking through their financial decisions.
Part of managing money well, is knowing exactly what you’re spending money on, where you are possibly overspending and following a set budget.
Using advanced analytics and data processing, Discovery Bank has announced the launch of Vitality Money Financial Analyser, which gives personalised details into monthly income, savings and spending.
It enables Discovery Bank clients to place their expenses into more than 166 pre-set categories or to personalise and re-order categories for anything from holidays to home improvements, with a predictive search functionality.
With weekly insights on spending trends in each category over time, clients can see what they are saving by following and keeping to their budgets, and they can set limits in categories to prevent overspending and so earn more rewards for managing their money well, including 5 000 Vitality Money points for engaging with Vitality Money Financial Analyser – that also links to Smart Vault to store important receipts or documents related to important transactions.
“The newly launched Vitality Money Financial Analyser gives clients a real-time view of their finances and trends in their spending habits. What’s more is, given the fact that 50% of people find manual budgeting complex, the Bank automatically creates budgets for clients based on these behavioural trends, and sets intelligent reminders and personalised alerts on clients’ financial goals and progress,” says Akash Dowra, head of client insights at Discovery Bank.
As a shared-value bank, Discovery Bank is designed to share the value clients create by managing their money well back with them through unprecedented interest rates and rewards. The Bank does this through the AI-driven Vitality Money programme. The better clients do, the higher their Vitality Money status and the better their rewards.
NOTES
¹ Intuit Mint Life Survey, 2020.
² Exception Is the Rule: Underestimating and Overspending on Exceptional Expenses. Journal of Consumer Research, 2012.