New app helps improve financial well-being by tracking personal spending habits
TORONTO, April 14, 2016 /CNW/ - TD Bank Group (TD) today announced it has begun its roll-out of TD MySpend, a new real-time money management app – a first in Canadian digital banking. A companion to the TD app for iPhone or Android, TD MySpend makes it easier for customers to track their spending habits from their eligible TD bank accounts and TD credit card accounts with instant notifications on how and where they're spending their money. Starting today, customers with Android devices can download the TD MySpend app and also update to a new version of the TD app, needed to work in conjunction with TD MySpend. An iOS version of the TD MySpend app and the new version of the TD app for iPhone will be available soon.
"With daily living costs on the rise, our customers are looking for ways to better manage their spending," said Colleen Johnston, Group Head Direct Channels, Technology, Marketing and Real Estate, TD. "We developed the TD MySpend app to do just that – simple, easy and effortless – it tracks spending from eligible TD bank accounts and TD credit card accounts instantly to help enable customers to make more informed choices that align to their financial goals."
Stay on top of spending
The TD MySpend app securely links to a customer's TD bank accounts and TD credit card accounts in order to analyze their transaction history. A traffic-light coloured Spending Insights meter updates in real-time with each transaction to provide a quick snapshot of whether a customer is above, at, or below their typical monthly spending habits.
The app also automatically downloads approximately a year's worth of transaction history from these accounts and categorizes each of them, with the added flexibility to switch between categories as needed, eliminating the hassle of having to manually enter expenses and link up accounts. Users will also receive instant notifications of purchases with digital virtual receipts.
In addition, TD MySpend will provide users with a longer term view of their spending through the Money Path feature. This feature provides a week-to-week view of overall spending for the current month displayed against an average monthly spending trend, making it easy for the user to quickly compare their spending and see if it is tracking more, less or about the same as the previous month.
"Money management can be a daunting, time-consuming task with a negative focus on missed targets," added Rizwan Khalfan, Chief Digital Officer, TD. "TD MySpend encourages customers to live their lives by empowering them with real-time knowledge of where their money goes and therefore enabling them to monitor their spending habits and help improve their financial well-being."
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 24 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank ®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 10.4 million active online and mobile customers. TD had CDN$1.2 trillion in assets on January 31, 2016. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
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SOURCE TD Bank Group
Image with caption: "Within the TD MySpend app, a traffic-light coloured Spending Insights meter updates in real-time with each transaction to provide a quick snapshot of whether a customer is above, at, or below their typical monthly spending habits. (CNW Group/TD Bank Group)". Image available at: https://photos.newswire.ca/images/download/20160414_C6763_PHOTO_EN_665935.jpg
For further information: Media inquiries, please contact: Nancy Vye, TD Bank Group, 416-308-5164, firstname.lastname@example.org