St George Bank has launched a new app feature that lets users check bank balances multiple times on their iPhones without having to log onto its mobile banking service.
MoneyMeter was developed after the bank realised customers checked their bank balances more frequently, especially during the Christmas season, and logging in and out of accounts was time consuming. The bank said 65 per cent of log-ins to its mobile banking services were from users who simply wanted to check their balance or look at their account.
The app uses a "gauge" to display balances of up to two accounts, and can display savings, transactions or credit card accounts. Users can add and remove accounts, adjust their spending limit range, change the style of the gauge display and choose to hide or show their available balance.
However, once a customer has set up MoneyMeter in their iPhone, their bank balance can be viewed by anyone who has access to their phone. Consequently, the bank advised users to set up a PIN or password on their phone and install remote wipe software for protection.
MoneyMeter is available on iPhone as part of the St George, BankSA and Bank of Melbourne banking app.
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