Wednesday, June 2, 2010

FI's and Personal Financial Management

After a very enjoyable Memorial Day weekend, I wanted to complete my post about the Panel discussion at Net.Finance. After our social media discussion, the second topic we covered was around Personal Financial Management (PFM) tools. Mark Schwanhausser of Javelin Strategy has been a huge proponent of PFM's. In fact, Javelin research has found that of consumers who are looking for money management help, 63% want to see all their accounts and transactions in one place.

Both Stu Fisher and I are introducing PFM solutions at our organizations later this year. Addison Avenue is working with Jwaala while we are working with Geezeo. Our solution, called Mariner360, is going through Beta testing right now. Unlike Addison Avenue, our solution will not be integrated into our Online Banking platform. This is for two reasons. One, the time frame to integrate the two platforms would have been prohibitive. Two, we actually think each solution addresses different and distinct needs. Online Banking is a tool for performing tasks, like checking a balance, transferring funds, or paying a bill. Mariner360 will provide our customers a more holistic view of their assets and liabilities to manage their whole financial life. Providing a place to set budgets, goals, and manage their financial life is what we should be doing for our customers. Our Mariner360 platform will help us meet that role.