In recent years, personal finance websites like Mint.com have become increasingly popular as consumers look for ways to integrate their personal finances into one location. One site, Rudder, closed this month.
For financial institutions, the loss of another personal finance website presents the opportunity to reach customers and members by offering personal finance management (PFM) tools through the institution’s online channel. Many banks and credit unions already offer such tools from companies such as Intuit Financial Services, Fiserv, FIS, Online Resources, and Yodlee. Mark Schwanhausser of Javelin Research puts Rudder’s demise and the opportunity for financial institutions in perspective:
“It is a mistake to interpret Rudder’s demise as evidence that consumers don’t want PFM capabilities. They do, as our upcoming PFM report drives home. They hunger for a better way to see all their accounts consolidated in one place, and banks and credit unions are the logical place to do so. Banks and credit unions that recognize that will win the real battle: to become a consumer’s primary FI.”
Schwanhausser’s full blog post can be found here. Is your FI offering PFM tools to users? Let us know in the comments section below.