The pandemic has drastically changed the way of life for most people all over the world. In the Philippines, the steady increase in safety and health measures resulted in a radical adoption of e-commerce, and subsequently, online and digital banking.
In many ways, the Filipino community is largely conservative, doubting how new technology can actually make daily life more practical, more efficient, and, of course, more economical down the line.
The answer to this? Komo, EastWest Bank’s digital banking service. Launched in August 2020, Komo stands for “Kontrol Mo Ang Pera Mo,” and is the first digital banking service that is proudly established by a local bank.
The beauty of it is that it is an exclusively digital banking experience using a dedicated smartphone app. Users can enjoy services, such as securely opening a savings account, transferring funds, settling bills, requesting for on-demand bank documents, and even availing of a customizable insurance plan with Troo Flex — all done from the safety of your home and never having to visit a physical branch.
While one of the main reasons for opening a digital account is the convenience of never having to venture out and still enjoy the perks of retail therapy, Komo takes it a step further to help you keep your finances in check. This year, Komo is proud to introduce the app’s newest feature: Analytics, the country’s first Analytics tool in a digital banking service.
This feature is designed to make budget management simple, letting you take control of your spending instead of the other way around. It’s here to help you gain a better idea of your financial habits, in order to manage your money more efficiently.
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The Komo Analytics tool comes with an easy-to-navigate tracker that shows the movement of your transactions in real time and allows you to set and reach your savings goal. Here are some ways on how it can help you make better personal financial decisions.
Set Your (Savings) Target
The Analytics tool is integrated with a Savings Calculator that allows you to set your targeted savings goal. Based on the budget that you can set aside, it can calculate and provide you with a workable timeline on when you can meet it. It not only monitors your savings, but also helps to determine how much more you need to save to meet your goal and deadline.
Track Your Expenses
Tracking your spending in your head is not the same as listing it down and seeing it in a full picture. With Komo’s Analytics, you will be able to see how your expenses fare against your actual savings, showing you a breakdown of your expenses for a more accurate view of where your money is going. With this, you can recalibrate your spending habits and move forward to making better financial decisions.
Set Your (Realistic) Budget
Oftentimes, the reason that people fall short of keeping to their budget goals is because the set target may simply not be realistic. Because the Komo Analytics tool is built for monitoring the movement of your finances, the dashboard shows insights and trends. This will help you set a more realistic budget that you can work with in making smarter decisions when it comes to that extra splurge.
The Komo app is available for download on the Apple iOS AppStore, Android PlayStore, and the Huawei AppGallery. All it takes is the advantage of technology and a little discipline. Learn more about Komo, the Analytics tool, and other services at https://www.komo.ph/.