The new fintech app by Credit Simple giving Aussies better control over their finances
Tuesday 24 July 2018
We’ve all heard how open banking is set to revolutionise traditional banking, and thanks to a new online budgeting app called Money Simple, it just got a whole lot easier for regular Aussies to take the power of budgeting back into their own hands.
Launched today by fintech Credit Simple and powered by open banking platform Proviso, the app aims to bring together open banking data with credit scores, giving Aussie’s a glance at their complete financial situation on a single platform.
“Money Simple is a precursor to what we will see in a new digital age of open data where consumers are in the driver’s seat, using and owning their own information to live better financial lives,” said Credit Simple CEO, David Scognamiglio.
“With open banking as the force behind Money Simple, consumers can better understand where they stand financially, as well as how they can save more money.”
What Money Simple will mean for Aussies
Aussies that sign up to use Money Simple, will be able to track their spending across multiple bank accounts, as well as filter their spending under categories including loans, insurance and even dining out.
Once all this info is in the app, users will have access to their consumer data, including their credit history. And in addition to having their spending habits all in the one place, they’ll be able to better manage their history to keep their credit score in tip-top shape.
“With Money Simple adding more data to a consumer’s Credit Simple wallet, we will see consumers who have more than enough information to digitally ‘get’ a number of energy, financial and telecommunication services without application friction”, says Scognamiglio.
Why getting a handle on your budget is so important
While the app is designed to empower consumers with their data rights, it’s launch has reportedly come in response to a recent survey commissioned by Credit Simple, that looked into the budgeting habits of Aussies.
Of the 2,630 respondents, only 1 in 5 felt financially secure while more than a third are living paycheck-to-paycheck. More than half did not have an emergency fund that could cover an unforeseen cost, while 45% did. One in 5 stopped budgeting altogether because it was too hard to stick to, while 17% confessed they were too lazy, scared or uninformed to budget.
What else can I expect from open banking?
As open banking is slowly adopted among the big banks and smaller providers, you might be it's a good idea to get familiar with just how open banking will improve your financial future? Some of the other benefits open banking will bring include:
- Personalised products - Open banking will also open the doors to comprehensive credit reporting (CCR), giving customers access to personalised financial products. This could include personalised interest rates and loans.
- Applying, switching and saving is easier - Once banks begin streamlining their application and switching process, customers will be able to apply or switch providers or products at the click of a button.
- Increased provider competition - One thing you can look forward to are banks competing with each other in order to give you the best deal. For the average Aussie, this could mean lower loan rates or more innovative products.
The first step to taking control of your finances is to make sure you get the basics right, and that means having the best bank account around. You can check our our bank account comparison tool to compare accounts with low fees or high interest.