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2010 Personal Financial Management Competitive Analysis (Part 2) - How 10 Top PFM Vendors Are Redesigning Online Banking
Javelin Strategy & Research, Dec 2010, Pages: 72
Banks and credit unions have an opportunity to redefine and rejuvenate online banking by giving personal finance management tools a starring role. Integrating PFM insights right from the login, speeding common banking chores and giving consumers unprecedented financial oversight and control are critical steps necessary to transform an FI’s website into a place consumers go to manage their money, not just monitor their bank accounts. This report builds on the findings in “Personal Finance Management (Part 1): What Consumers Really Want from PFM” in November 2010. It provides a detailed competitive analysis of nine online-banking products from FIS, Fiserv, Geezeo, Intuit Financial Services, Jack Henry & Associates (developed with Lodo Software), Jwaala, Online Resources, Strands and Yodlee — plus Mint, the leading benchmark for PFM. Javelin’s rankings are based on seven elements of successful PFM:
- Integration into online banking right from the login
- Appeal of the home page
- Consolidation of account data
- Ease of use
- Goal fulfillment
- Cross-selling
- A mobile pathway.
Primary Questions
- How can PFM tools change the way consumers monitor and manage their money through their primary FI’s online banking?
- What PFM elements should take priority as FIs overhaul online banking?
- Which vendor offers the best opportunity to redefine online banking based on Javelin’s seven PFM categories?
- What key features and functionality do vendors offer?
- How do these nine online-banking products compare to what consumers get free from Mint?
Methodology
The vendor analysis is based on a product survey with Javelin’s checklist of relevant features, plus interviews with executives from each of the nine online-banking platform vendors and Mint, a direct-to-the consumer site that is the leading benchmark for personal finance management (PFM) products. Javelin solicited additional information from interviews, corporate websites and public sources. The products reviewed are sold by FIS, Fiserv, Geezeo, Intuit Financial Services, Jack Henry & Associates (developed with Lodo Software), Jwaala, Online Resources, Strands, Yodlee and Mint.
To evaluate products, Javelin asked each vendor to answer nearly 200 questions that delved into the availability of specific features and functionality. Seven categories were explored in depth and measured on a five-star scale:
- Best in a category (5 stars)
- One standard deviation above the mean (4 stars)
- Equal to the mean (3 stars)
- One standard deviation below the mean (2 stars)
- More than two standard deviations below the mean (1 star)
The weights applied are shaped by data collected online from a random-sample panel of 1,995 online consumers in August 2010. The survey targeted respondents based on proportions of gender, age and income representative of those of the general U.S. online population. Overall margin of sampling error is ±2.19% at the 95% confidence level. Those findings are detailed in the first installment of this two-part PFM report, “Personal Finance Management (Part 1): What Consumers Really Want from PFM,” released in November 2010. Javelin applied the following weighting to the categories (Total adds up to more than 100% because of rounding.):
- Integration: 27%
- Consolidation of account data: 18%
- Appeal of home page: 15%
- Ease of use: 15%
- Cross-selling: 15%
- Goal fulfillment: 7%
- Mobile pathway: 4%
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