Giving your money to the cloud

By David Calder

Picture: Starman322

A company in a converted steading outside Dalkeith aims to change the way everyone thinks about about their finances using cloud computing.

Cloud computing is a simple enough idea. Instead of data being kept on a person’s PC, it is kept remotely on someone else’s server. Instead of buying a word processor, spreadsheet or other application, customers can rent or even “borrow” those services from Microsoft, Google or a host of other major players.

There are considerable advantages to the concept. You don’t need to buy the infrastructure or have the knowledge necessary to maintain it; someone else takes care of all that. Your data is also safe if you suffer a major catastrophe.

Money Dashboard has created a system that allows customers to collate all their financial data and display it in a graphic form, pulled from the “cloud”. They give the system permission to access their bank and credit card details, mortgage, pension and other investments. It then compares their assets to their liabilities and shows exactly where they stand.

According to Chief Operating Officer James Varga, the company’s had to put very tight security in place to give consumers peace of mind when using the system. “Only you can see your accounts and other financial information. We have no way of accessing that data.”

It’s a free service for consumers in the UK. As chief executive Gavin Littlejohn explains: “being all online, it’s quicker and simpler than ever before to get to grips with our finances, so we have no excuses.”

He claims that, by spending just ten minutes a month, consumers can track spending, set budgets and help them save. It will even send email or text alerts if they overspend their budget or if it detects suspicious transactions on any of your accounts.

The system is novel enough for the company to be nominated as a finalist in the John Logie Baird awards at the end of this week. Initially, entrants compete at a regional level, with judges looking for originality, entrepreneurial ability, market potential and the ability to develop the idea.

The awards are presented to “innovative projects with the best prospects of commercial success”. As part of this, nominees exhibit their products to the business community at an exhibition at the Glasgow Science Centre.

Over 200 applications were received this year. Money Dashboard was one of seven to be shortlisted in the “Impact through Innovation” category. As Gavin Littlejohn points out, “…to be nominated for an award for innovation is wonderful. We are honoured to received the endorsement of such an influential national competition.”

The company is expected to launch the full service in the Spring. However, it launched its revised website to consumers on Monday.

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