Online banking: introducing benchmarking.

by Carl on 13 May 2010  |  4 comments
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One of the areas we can develop with the service is analysing benchmarked data....

New in budgeting: benchmarking.

One of the areas we can develop with the online banking service is analysing benchmarked data. By this I mean taking an anonymous view of data from a group of individuals on the system and drawing some illustrations about people's spending, budgeting and saving habits.
Our first introduction of benchmarking has arrived in our budgeting section. In addition to your own budgets set for an individual category 'you' can view those of 'people like you' and 'everyone.'
Obviously, the aim is to give or help with some context for how to set your own budgets. Data is available on aggregate basis to reflect trends. Data used cannot be tied back to an individual.

• 'You' - is obviously an average of how much you personally spend in a certain category.
• 'People like you' – is an average that individuals within the same registration profile groups as you spend. (When you register with lovemoney.com the answers you provide put you into a loose grouping that we use to inform what kind of content on the website you are most likely to be interested in.
• 'Everyone' - is the average spend in an individual category by everyone using the service.

Below is a grab of the feature:

Adding banks and financial institutions.

Lots of you have asked about when new banks and financial institutions are going to be added. We listen to all the feedback and we have a growing list of banks we'd like to add. The process of adding accounts is a process of partnership between lovemoney.com and our data partner, Yodlee. This month, banks being worked on being built out (i.e.: not in BETA but in a state you can actually use) are as follows:

1) Sainsbury’s Bank (UK) – Credit Card
2) Yorkshire Building Society (UK) – Savings
3) St James’s Place Bank (UK)
4) Leeds Building Society (UK) – Savings
5) Ulster Bank (UK)

These providers will be avaialble in the next few weeks.

As always, feedback on either of these updates is warmly welcomed and encouraged.

Kind regards,

Carl