Newsletter 12/2009
Balancion for managing finances
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According to a survey commissioned by Balancion Oy, which was set up in 2008, Finns most generally monitor their income and expenditure using a spreadsheet and a pen and paper. Balancion took up this challenge.
“We set out to implement a digital online service that will take financial management into a quite new era,” says CEO Jussi Muurikainen.
The idea for the service was created in 2002, when there was no other like it anywhere. “At this moment similar types of services are on offer worldwide, which is proof for us that the service has global potential.”
Showing the whole financial picture
Balancion’s aim is to make consumers aware of how they spend their money and how to manage their private finances. “We want to rouse people into making targets from their dreams and reality from their targets. Conscious management of finances has a considerable effect on a person’s wellbeing and chance of becoming wealthy,” says Muurikainen.
Balancion shows the whole financial picture easily and simple. It shows what money is really spent on and provides the scope for planning for the future on the basis of factual information.
Balancion, an online service for managing personal finances, shows the whole financial picture easily and simply.
When users log on to the service, Balancion uses their e-bank identifiers to automatically look for all the information relating to their finances from an e-bank or e-banks and arrange it into categories created by the users.
“The programme learns how to sort expenditure into the correct categories according to the payment transaction. Examples of the categories are housing, food, car, hobbies, holidays and health. The user sees immediately how the income and expenditure are divided,” Muurikainen explains.
Top-class data security
With Balancion users can draw up a wide-ranging budget for themselves, set targets and monitor their implementation on a daily, weekly, monthly and annual basis. Warnings can also be added when spending exceeds certain limits.
The search for information is secure and only occurs when users want it to. All the information included in the service is available only to the users.
“The service’s trustworthiness is extremely high. Data security has been constructed in line with the instructions of the best experts in field from planning to implementation,” Muurikainen emphasizes.
The price for the service will be a few euros a month. “We want to offer the opportunity for better management of finances at a price that does not make money an issue.”
Development work continues
The program was opened in October for beta users registered for the service. Muurikainen is pleasantly surprised by the number of beta users and the quality of the feedback.
“The beta introduction has gone better than we dared to hope. We’ve exceeded our ambitious targets for the number of users and received a great deal of valuable feedback on the technical side and in terms of service planning.”
In spite of the launching at the beginning of the New Year, development work continues. “We’ll be spending at least as much time and money on developing the service in 2010 as in this year. The future, too, holds the promise of plenty that is new.”
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