Bank Account Dashboard Tech

Bank Account Dashboard Tech

The Competitions and Markets Authority has ordered banks to work together on a common platform application for us via pc, smartphones and tablets.

The new ‘app’ will include side by side comparisons of levels of service, charges and interest rates.

In addition the ‘bank dashboard’ will enable you to transfer balances between all bank accounts to enable you to take advantage of low rate/no rate money moving to accounts with higher rates.

Expect the bank account dashboard to launch in 2018.  It will instantly put pressure on all banks to deliver better service and more competitive accounts as you will instantly be able to compare not just rates but their maximum monthly charge (MMC).

Comment

We have favoured the use of comparison tools for many years and indeed are working on our own pension dashboard (as part of our ‘robo’ advice project) to enable you to instantly compare existing pension schemes and charges with others on the market as well as being able to see all your pension values, charges, projected values and pension  income at retirement all in one place.

Technology such as the bank account dashboard will enable you to engage with your money and manage it more effectively.