Top Banks are Enabling Innovative Customer-Centric Services
3rd Party personal finance management (PFM) solutions continue to pop up and evolve and the top banks are taking notice. Innovative aggregation solutions are providing additive or differentiated services beyond our standard banking apps. Services like Mint.com, Personal Capital, Yodlee, Credit Karma and even other financial institutions provide behind-the-scenes links into your online account information through secure aggregation and consolidate the information in useful ways. Cool right?
As users connect more ancillary solutions and apps with their bank or credit union’s accounts, the sense of “control” becomes challenging. E.g. receiving account access alerts in the middle of the night raise questions like “who is logging into my account?”
Wells Fargo and Bank of America have recently announced digital innovations in Online and Mobile banking capabilities. Wells Fargo is enabling customers to securely manage their financial related activities from one central location. Users will be able, for example, to see virtually all the places their Wells Fargo cards and accounts are connected — from personal finance apps and websites, to digital wallets, retail merchant sites, and third parties. Wells Fargo announces Customer Control Tower
While Bank of America, according to Chief Operations and Technology Officer, Cathy Bessant, is focusing on APIs to allow third parties to access data in a scalable way without using up all of our bandwidth. According to Bessant, “that’s the best forward-looking thing … we have to work with the individual aggregators. There is no one-size-fits-all. But there are risks associated with the system today. We can’t control how often aggregators come in. Sometimes it is hard to tell good traffic from bad traffic.” B of A’s Bessant talks Tech in American Banker