Financial Management Emerges from the Tab

As consumers increasingly look to find ways to budget and manage finances, financial institutions are looking to provide easy access to financial management tools and information. With a recent announcement, Intuit introduced tighter integration between its personal financial management software, FinanceWorks, and financial institutions’ web sites.

In an American Bankerarticle, Celent’s Jacob Jegher noted online banking is moving toward a ‘dashboard’-like experience, that goes beyond a static display of information. The article also profiled Beneficial Mutual Bancorp Inc. of Philadelphia, which has 140,000 online banking customers using the ‘dashboard’-like experience:

“It is very straightforward and transparent, and the ease of use is the most important,” said Denise Kassekert, executive vice president of relationship banking for the $4.7 billion-asset Beneficial.”

Furthermore, Forrester analyst Emmett Higdon supported the shift, noting one of the common features of modern website redesigns is a reduction in the number of clicks that consumers must make for common items like bill payments, viewing statements or setting up alerts.

The article noted that with the tighter integration, Intuit also introduced merchant-funded rewards, presenting a huge opportunity for financial institutions, according to Ron Shevlin of Aite Group LLC. The rewards link consumers’ debit card purchases from merchants with deals and money-saving opportunities.

Are your personal financial management tools hidden behind a tab? How many clicks does it take your customers to navigate through your site? Let us know about your “site-stickiness” in the comments below!

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