Home Banking Solutions - Web 2.0 + Social Networking
Ok it looks like in today’s market we still have the stodgy Home Banking solutions of yesteryeara and then we have what I consider to be complimentary services to home banking that offer either unique Web 2.0 architecture + Social Networking value (SmartyPig, Mint, Wesabe, etc.)....What I am searching for (which may be more a visionary target solution) is 1 home banking solution that either is moving rapidly towards web 2.0 architecture and social networking (including mobile capabilities) and has drank the kool-aid OR an upstart that has already embraced web 2.0 architecture and social networking…understands the power of the mashup + has built a solution from the ground up that supports this new paradigm….am I searching for the Holy Grail? Does such a solution exist? Are some of the “old guard” morphing with new leadership and new mantras for change? Any advise you can give me? I did see this interesting post from paymentsnews.com – BBVA: the first Bank 2.0..THX! Jeff
Tim M.
I don’t feel comfortable with my banking being linked to or having a social network. I want this totally separate. While it may be useful for some investment information , I can’t really thing of any additional value that would out weigh any of the security issues with this. I don’t want anyone to know which financial institutions I am apart of.
Mark M.
Jeff,
I think the closest thing to what you are talking about (if I understand it all correctly) out today is MoneyTracker PFM from Jwaala
It’s an online banking solution licensed to FIs that has some cool views, widgets, and customization options. It definitely has the personalization part of Web 2.0 covered. It does seem to lack the community aspects of a Wesabe, but I wouldn’t be surprised to see that gap be addressed in the future. (It’s probably worth talking to them to find out for sure.)
Here’s a link to the info we have in Banktastic about Jwaala, their offerings, and related content: http://www.banktastic.com/vendors/155-jwaala
Hope that helps!
Andrew T.
Hi Jeff, Check out what we are doing at Jwaala.
What’s more, banks and CUs can get the full source code, meaning they can add their own widgets, customize features, etc
- Andrew Taylor CTO Jwaala
Almost forgot, http://www.jwaala.com
FYI, we will be presenting at BAI and have a both as well, stop on by.
Mike T.
Anyone else have feedback for Jeff’s question? I think the biggest thing holding FIs back from competing with Mint and Wesabe is that they are scared because they don’t have something that integrates with their existing online banking solution.
Mint and Wesabe are successful because they are not tied to an FI. However, if you’re the FI offering the solution, it’s got to integrate or I imagine they feel as though there will be a disconnect.
In my opinion, I think what Matt Dean presented at the Partnership Symposium about a vision for the hyperlocal credit union is the solution Jeff is looking for, but we have yet to see anyone integrating to that level of detail just yet.
Scott O.
Jeff – EXCELLENT question! This is the solution we’re working towards. Call it Bank 2.0, call it Future Bank, call it the next thing in how customers interact with their FI.
I see two issues facing FI’s in the near future:
1. The rapidly growing trend for using online applications EXCLUSIVELY to interact with your finances (ie, your bank/cu) can create distance between banker and client: if they’re not coming into the branch or visiting the drive-up how can we build that ever-so important relationship with our customers to supply advice, open new accounts, talk about loans, etc.? Remote capture distances commercial clients. If FI’s can’t figure out how to build relationships with clients through their online and mobile channels, they’ll lose customers to someone who can – or worse yet – if no one figures it out, the distance between FI and customer could become so wide that retail banking becomes totally commoditized.
2. The challenge of being held hostage by your core processor/account management software. These folks are in the business of supplying accounting software and running check processing equipment and may not be the best choice for supplying the software that is becoming your PRIMARY customer-facing channel! In many cases, the choice of online apps is made by default rather than as a conscious one. In other words, in many cases, the bank or credit union’s primary focus is in selecting a new core processing/software vendor and whatever online apps they offer is what we get. What I’m suggesting is that the two have very little to do with each other and certainly should be evaluated as entirely different and separate decisions. In-fact, I’m suggesting that the same people within the financial institution shouldn’t even be evaluating both. Core should be evaluated by operations and finance while online apps should be evaluated by retail and marketing.