Millions using Online Personal Finance Tools!?
Apparently yes! At least according to a recent post at the NetBanker blog by Jim Bruene.
Jim has been keeping tabs on the adoption rates of Personal Finance Tools, both the straight to consumer variety (like Mint and Wesabe) and the financial institution variety (like Wells Fargo and Bank of America).
The latest data shows Bank of America sporting over 2.5 Million (yes, million) users of it’s online personal finance tool call My Portfolio.
As you all know, Jwaala MoneyTracker is a solution that enables banks and credit unions to seamlessly add Online Personal Finance Tools to their existing online banking solutions.
One of the questions we hear over and over is “do consumers really want this?”. Of course we think so, and so do our current customers. We think this latest data from Bank of America further backs up this point … consumers want/need online Personal Finance Tools.
If you are a bank or a credit union, the question boils down to this …
Are you going to provide Online Personal Finance Tools, or are you going to let your very own customers get this capability somewhere else?
Customers are slippery these days, loyalty is almost a thing of the past. With all the great online tools out there, it’s easy to swap from Bank A to Bank B, and consumers are certainly willing to do that at the drop of a hat.