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The Money Simple solution is designed to use user privacy and open information policy to give users an overview of their finances on a common interface. The Money Simple solution is supported by Proviso, an open bank management system that obtains information from Australia's banks. David Scognamiglio, Credit Simple CEO, said Money Simple was at the forefront of open bank business.
"A forerunner of what we will see in a new era of open information, where people sit in the driver's seats and use and own their own information to lead a better life, Mr Scognamiglio said. "With Open Banking as the driving power behind Simple Finance, people can better comprehend where they find themselves and how they can make more savings.
"It' s amazing to see what changes are taking place to make room for open information. In particular, we are pleased about the right to receive information from customers, which will really help us to provide them with their own information. If Money Simple enters more information into the credit card portfolio of a customer, we will see customers who have more than enough information to get a range of digital power, finance and telecommunications products without friction," he said.
Ordinary user can keep tabs on expenses across various bank and financial institutions and filters by category such as automobile, transportation, insurances, credit, restaurants and unpaid payment. Credit Simply announced the introduction of an Australian budget behavior study, following a 2,630 member poll, at the request of Credit Simply.
- More than half of Australians have no contingency funds in case of large unanticipated expenses; - Only one in five Australians is funded, more than a third of Australians live with a paycheck to make a check; - 17 per cent are too idle, too anxious or too ignorant to reach a goal;
- Less than half of the Aussies (45 percent) have an contingency trust if something goes awry, such as a health incident or home or vehicle damages; and - Every fifth Aussies has halted budget because it was too difficult to do so.