Barclays to launch basic financial planning software

Barclays Rain 480

Barclays is launching new personal financial management software for its customers, including a range of financial management tools.

Barclays Money Tools will offer spending and income analysis tools, allow clients to set their own savings goals and provide income expenditure tools.

Barclays announced the plans at the Finovate Asia conference in Singapore.

The service will be made available to Barclays’ Premier customers in December before it is rolled out to all 4.5 million retail customers in January.

A spokeswoman says: “Barclays Money Tools will provide an integrated online banking and personal financial management customer experience, giving customers a range of tools to manage their money so they can keep on top of their finances, all via their online banking.”

In January 2011 it was revealed that Barclays was closing its advice arm, Barclays Financial Planning, and exiting the advice market for retail customers.

The bank continues to offer advice to high-net-worth clients through Barclays Wealth, but no longer gives retail clients advice through its branch network.

Finance and Technology Research Centre director Ian McKenna says: “When Barclays withdrew its adviser salesforce many people thought it was getting out of financial advice. In reality, it was just a change in the way it will deliver financial advice.

“This appears to be a good way of getting customers to make decisions. These are the levels of financial planning technology that advisers will need to compete with the banks going forward.”

Investment Quorum chief executive Lee Robertson says: “This is a poor substitute for face-to-face advice.”