Introducing Money Management

1/31/2018

Money Management provides the ability to see all of your financial relationships in one place.

What is similar?

Many of the existing FinanceWorks experiences will continue to be available in Money
Management, but with a completely redesigned look and feel:
  • Money Management access from the Online Banking menu, as well as from the Outside  Accounts and Budget widgets on the home page
  • Outside account aggregation
  • Significantly improved auto-categorization of transactions, including the ability to split categories, add sub-categories and flag a transaction as personal or business
  • Spending chart
  • Budgets, including smart auto-creation of budgets based on spending history
  • Email alerts
 

Is anything changing?

There are a variety of things that are being improved upon or are changing within Money Management, including:
  • The Spending widget on the home page is being replaced with an interactive Budgets widget
  • Tax Watch is being replaced with broader categorization reporting that includes not only charitable donations and child care expenses, but every other category as well
  • The Outside Accounts and Budget widgets will be added to the home page and your can still access Money Management from the navigation menu
 

Are there any new features?

Of course! There are a variety of new features:
  • Optional Money Management in our Mobile Apps!
  • Improved category-level trends
  • Debt payoff forecasting
  • Detailed Net Worth analysis and tracking
  • Expanded goals to include not only Debt Payoff, but Savings and Retirement goals as well
  • Cash Flow calendar
  • Text alerts in addition to the email alerts
  • Auto-categorization significantly improved from ~65% in FinanceWorks to ~90% in Money Management
  • End user-initiated support requests that go directly to the provider for fast, expert responses – guaranteed to provide a human response within one business day
  • We will now refresh account details both nightly as we do in FinanceWorks, as well as realtime whenever an end user logs into Money Management (including the Responsive Online Banking home page!)
 

Is everything migrating from FinanceWorks?

While most account information for both hosted and outside accounts will be migrated from
FinanceWorks to Money Management, including the names, account types and balances,
there are some limitations you and your end users should be aware of:

  • We will migrate ~18 months of transaction history for all accounts, assuming end users have at least that much transaction history in FinanceWorks.
  • For security reasons, we are not migrating outside account login credentials. Users will see an error message in Money Management that will walk them through providing their login credentials so that accounts will aggregate successfully from that point forward.
    • Money Management will look back 90 days for transactions that occurred between the date of your migration and the date they provide the credentials.
  • Transaction categories will not be migrated, instead allowing Money Management auto-categorization processes to correctly categorize the transactions with more accuracy.
  • Budgets will not be migrated, instead allowing end users to use the one-click automatic generation of budgets based on the improved transaction categorization.
  • Alerts will not be migrated, but end users can easily setup both email and SMS text alerts within Money Management.
  • Goals will not be migrated, instead encouraging users to setup not only Debt Payoff goals but Savings and Retirement goals as well.