Consumers are concerned about their cash now more than ever. Since the recession, consumers have become vigilant over their finances. Most banking institutions offer the minimum in money management online, but since the recession made money a priority, they are working even harder.
Money management online
Banks are offering customers pie charts and amortization schedules to get a clear view of their money. The reasoning is that customers who are more in control of their money will see banks as more viable financing tools. That means when they need loans or new retirement account, they will be more likely to work with the bank that offers them online tools to manage money.
Michael Upton, senior VP at Bank of America, (see http://www.msnbc.msn.com/id/35018578/) said, "The more informed customers are about their financial lives, the better customers they make for us in the long term." Many banks today are taking their online model from Mint.com. Mint is a website that offers consumers the ability to merge data from various sources and give a clear picture of their finances. It gained a huge popularity and industry insiders were watching closely the capabilities the website offered.
Online banking on the rise
Industry analysts are showing that about 60 million people do some type of online banking in the US. The number using personal finance management tools is much smaller, but banks are hoping to turn that around. Although right now less than half of all US banks offer personal finance management, smaller banks and credit unions are quickly moving into the online territory. They understand how important it is to offer additional services, and they know how much focus consumers are putting on their own personal finances now. Upton added, "The recession was a good lesson for people who didn't prioritize their savings. Now a good number of consumers are changing their ways." ... click here to read the rest of the article titled "Banks Helping Consumers Manage Money! Now More than Ever"
No comments:
Post a Comment