Powered by Yodlee, Money Dashboard provides a simple online solution for time-poor consumers who struggle to keep track of spending and income. By aggregating balances and transactions from multiple online bank accounts brands and credit cards brands in one secure view, Money Dashboard gives users a clear picture of all their accounts in one place.
Levels of demand for the application have consistently exceeded expectations and the first round of beta testing was over-subscribed, despite the release of thousands of extra places.
Gavin Littlejohn, founder and CEO of Money Dashboard believes that the Government's austerity measures coupled with the ongoing impacts of the recession have forced the public to look for ways to save and manage their finances more effectively.
He says: "The UK consumer has shrinking access to financial advice, with few people either knowing their bank manager, or having an independent advisor from the professionally qualified sector. More and more people have realised that with reduced access to credit and with the impact of government austerity measures that they really have to sit up and take control. Money Dashboard is a product that will take a lot the fear and hassle out of managing on a tighter budget. Since we are independent of banks and building societies, our priority is always the consumer and helping them to make the most of their finances."
Users can access the Money Dashboard application from any computer with web access, enabling them to track and categorise spending, set budgets and help them save. It can also be configured to send emails to warn users if they exceed their set budget or are about go into overdraft. In future, it will also be possible to alert users to suspicious transactions on their accounts.
Since the service opened for public beta testing in May 2010, it has helped 10,000 users to manage their money more effectively. Feedback received from beta testers has informed several rounds of improvements as part of the product's evolution.
Mr Littlejohn comments: "The team has worked incredibly hard to get to this stage and I'm very proud of the user-centric application that we have produced.
"User feedback and product suggestions received during our Beta phase have been incredibly illuminating so I'd like to thank all of the registered testers for their invaluable contribution to our business. Their encouragement and advice has enabled us to shape Money Dashboard into an application that is enjoyable and simple to use.
"The user experience is very important to our business so we will continue to improve the product and add new features to reflect the changing needs and preferences of the Money Dashboard community."
As a free service, Money Dashboard plans to monetise the application by offering access to financial products via "Ways to Save" pages on which it will earn a marketing fee from the provider.
The business has raised £2 million of funding to date, from business angels with deep experience of the retail finance sector and from investment firm Par Equity. Further capital will be injected as part of the next phase of market development.