Australia: The newest addition to personal finance management

Sydney-based CashDeck has developed an app dubbed the “financial equivalent of a Fitbit Fitness Tracker” to help users take control of their finances.

The app is designed to make it easy for users to control their basic finances in one place, offering transparency over products like expenses, fees, balances, repayments and more in real-time. According to RFi Group data, almost half of respondents from the Australian Digital Banking survey indicate they would value a tool that notifies them for due payments.

In the wake of the banking Royal Commission, Owen Joyce, Chief Commercial Officer at CashDeck suggests that consumers will be or need to be, more financially literate with bank lending taking a more conservative lending approach. “… borrowers … will need to understand, prove and be able to explain their financial behaviour if they want to get credit”.

According to Joyce, users can decide if they want to be an active or passive user depending on how much help they want, “the app can notify a user know when it thinks they should to action that will help them”. RFi Group data indicates that 18% of personal loan borrowers have made late repayments for personal loans in the last 12 months, something Credit Ready could help to reduce.

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