European Banks Should Consider Adding Personal Financial Management To Their Secure Sites

Intrigued by the success of third-party personal financial management (PFM) sites like Mint.com in the US, eBusiness professionals at European banks are considering adding similar functionality to their own sites. Our data shows that more than three out of 10 European Net users are interested in basic money management features, such as organizing spending into categories and creating and tracking a budget online. A range of potential benefits, including differentiation, customer advocacy, and cross-selling and upselling opportunities, can help build the business case. Banking eBusiness and channel strategy professionals should offer straightforward and actionable PFM features, such as categorization and budgeting tools, to their secure sites and should market them to 25- to 39-year-old online banking users.