Bank Hapoalim Budget Management Tool - The next generation Qorus Banking Innovation Awards 2013

Bank Hapoalim, Israel's largest bank, is about to launch an innovative automatic budget-management service allowing smart, controlled management of household budgets at any time through the bank's website. The service presents customers with a daily updated and detailed comparison of income with expenses, so that they can understand their cash flow, track their budget and plan better for the future. The service automatically collects customers' income and expense data from various sources (directly deposited salaries, checks, bank credit cards, etc.), sorts the items into categories, and allows customers to add and categorize information according to their needs. In addition, the service allows customers to analyze their financial conduct, not only relative to their own personal goals, but in comparison to a peer group of customers with a similar family and financial profile. The service offers a comparison of both the overall total expenses and the distribution of expenditures by different categories such as food, communications, education, automobiles, leisure, etc. The new PFM tool offers an innovative new customer experience - more intuitive, personalized, enjoyable and fun, to increase usability.