Wells Fargo upped its play in the Web 2.0 space by adding new budgeting tools to its online personal financial management tool, My Spending Report. The new features, which cover spending across a customer’s Wells Fargo account, meet the volley from Mint.com with its unveiling of new interactive investment and budgeting capabilities to its PFM suite last month.
The service tracks and categorizes credit card, check-card and online bill-pay transactions, and now will allow customers to set budget goals for those activities. My Spending Report with Budget Watch will offer charts and graphs to give a snapshot view of a budget’s progress, send budget alerts and identify savings opportunities.
“Budgeting is a high priority for many of our customers in today’s economic environment,” said Teddy De Rivera, head of Online Banking and Investments in Wells Fargo’s Internet Services Group, in a statement. According to Javelin Strategy & Research, approximately 15.6 million U.S. online households – out of a population of 61 million who use online banking – would likely use PFM if made available.