Spending plan Qorus-Infosys Finacle Banking Innovation Awards 2024

Safe to Spend is a financial tool helping customers manage their personal finances effectively in upcoming month because it can tell you how much money you will need to cover your regular expenses for the next month, and how much money you will have left over after that.

Spending plan searches and identifies your recurring payments, such as rent, utilities, subscriptions or insurances. Spending plan is not limited to standing orders in your bank, but includes also manual payments in various periods of your financial life. Then it is easy to calculate estimated balance at the end of the month and show how much you have left for other expenditures. With Spending Plan, you have better understanding of near future expenses and therefore more control about overspending or running out of money before the end of the month.

Spending Plan is more than just a budgeting tool. Have you ever forgot to pay regular yearly payment for your insurance or similar service? When Spending plan predict payments for longer period – e.g. services that are paid on yearly basis, we can use this information to notify customers and ask them if they wish to pay such payment again in following month, or vice versa if they didn’t forgot to pay for such service.