1) aggregate their financial accounts in one place;
2) have their transactions automatically categorized;
3) establish and monitor a budget; and
4) set financial goals and track their progress.
It’s been unclear whether online financial management’s capabilities would resonate enough with users to make them a more avid users of their primary financial provider’s online banking site.
OFM represents possibility the next evolution of online banking. It’s about putting the consumer in control of their finances without any software to install or information to download. OFM enables its users to see trends in their spending and even find ways to save – regardless of how many accounts they have or with what financial institutions. OFM allows users to manage financial accounts from thousands of financial providers – including their credit cards, loans, deposits, investments, utility bills, etc. – all in one place.
More than 2 million people have already turned to third-party Web sites for personal financial management tools. According to Forrester Research, 8 out of 10 consumers would prefer to manage their finances at the place they trust most with their personal financial data – their financial institution.
OFM empowers consumers to manage their money with easy-to-use tools and automatic updates. The product drives customer satisfaction, leading customers or members to log into your Web site more often, recommend your institution to friends and family, and adopt other online banking products.
Small Business Solutions:
With 27 million small businesses generating annual sales of $2 trillion, this segment offers significant revenue potential. In fact, because of their specific business needs, one small business is, on average, at least twice as profitable as two consumers. Many OFM providers offer tools for small businesses. Tools they need – and want – so they can better manage their business.
This blog entry you have just read was written by Edward Lis who is a former senior executive of three different credit unions. If you enjoyed this article I encourage you to learn more about Edward by visiting www.edwardlis.com or by calling 518-420-2108.
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