Wallets - An intenet banking concept to help people manage their savings. by Toby Pestridge from uk

My proposal for the Future Banking design competition is a means for customers to have greater control over their finances; their bank accounts, savings and expenditure. In turn, I hope to help people manage their finances more effectively, and assist in moving banking forward to a brighter, more accessible and transparent future.

For too long, and for many people, internet banking has been a tedious part of everyday life - money comes in and money goes out. We earn, we try to save, and we spend. But what if we could change that? What if we could allow people to use their existing internet banking facilities in a new way - a way that would help them save, and be more confident about their finances?

My solution is to allow customers to create and maintain a series of “wallets” within their bank account. These wallets can have funds added to them manually, or automatically as money is added to the main account. The Wallet system is very simple - it’s a combination of having an additional bank account, and ‘earmarking’ funds for a reserved purpose.

In many homes, people keep a jar into which they put all their small change. It’s a quick and easy way to save that everybody understands. Sometimes this jar is set aside for a special occasion, like holiday spending money or birthdays.

Wallets act much like this - you create a wallet, you give it a name and decide how much money should go into it.