By Zachary Ehrlich  Updated on Fri Jun 3, 2011

Step Aside Mint, M&T Enters the PFM Market

 

Following technological trends of making banking more transparent and accessible, M&T Bank launches FinanceWorks, their version of total financial management from a single place.

M&T Bank (NYSE: MTB) has realized that this valuable service has tremendous potential, especially because successful companies like Mint.com and Pageonce aggregate all of a users’ financial information into one place, automatically categorize transactions, and assist in setting budgets to help achieve savings goals.

With M&T Bank’s FinanceWorks, available to all M&T Bank customers as part of M&T’s brand new Web Banking program, financial management will become significantly easier, as customers will be able to view and manage all aspects of their finances from a single web page. FinanceWorks categorizes customers’ spending habits, tracks their budget and savings goals, and displays all their accounts from M&T Bank and many other institutions all in one place, giving customers all the tools they need to effectively manage their money.

M&T also offers CreditScore, a monthly view of a customer’s FICO score, so customers can gauge their financial health in one single place, making them smarter and more efficient.

However, M&T Bank is not the first to offer their own in-house service. Last year, in a similar fashion PNC Bank (NYSE: PNC) enhanced their Virtual Wallet with features like budgeting, smart spending and credit card tracking.

In January, Wells Fargo (NYSE: WFC) released My Money Map to include four new features: My Spending Report, Budget Watch, My Savings Plan and even a Resource Library.

ING Direct (NYSE: ING) took a different approach to money management, when just last week they launched “read-only” access codes to view transactions, so anyone who happens to obtain user account information would only be able to see account balances and histories – transferring funds would not be possible.

M&T Bank introduced FinanceWorks during a time when many banks are striving to provide the most user-friendly experience, which might result in new users neglecting to use third parties like Mint.com if those services are offered right from their own bank.

To try out M&T Bank’s new tools, click here.

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