Lloyds TSB Launches Money Manager for Visual Spending
Lloyds TSB has launched Money Manager, a free, web-based service that enables account holders to categorize payments and visualize their spending over time. This service is part of the bank's digital transformation strategy to enhance customer engagement through online channels.
Money Manager is not Lloyds TSB's first foray into expenditure analysis. Online banks First Direct and Egg have been offering similar functionality for some time. However, Lloyds TSB's offering is unique in its gradual rollout and promotion through a TV advertising campaign.
The development of Money Manager was a collaborative effort, keeping the focus on delivering customer benefits. More than half of users rate the service as excellent or very good, despite some post-launch issues. The project was led by Lloyds' digital transformation team, utilizing both internal and external development resources. It was built using the bank's existing Java-based web infrastructure and required new data repositories.
Money Manager represents a convergence of trends in customer-facing IT, including consumer appetite for data visualization and Agile development methodologies. Lloyds TSB sees digital channels as key drivers of customer engagement and is committed to transforming its online services. Despite the success of Money Manager, there is no specific information available about who led the project at Lloyds TSB.
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