Posts Tagged ‘Banking as a Service’

Wesabe Launches Springboard

November 25, 2009 7 comments

Skipper: Kowalski, options.
Kowalski: Just one, close your eyes so you don’t see it coming.

“The Penguins of Madagascar”

Wesabe recently announced their Springboard web application for banks and credit unions.  In case you missed it, Springboard is an online PFM that can be branded by any financial institution (FI) that signs up for the service.

While I think Springboard is a great way for FIs to finally take a leap into offering an online PFM service, I’m more curious of how banking tech vendors will view this new service.

Wesabe is doing something that is unheard of in the financial industry.  They are offering an online, consumer facing banking product that a FI can have up and running in HOURS.  Think about that for a moment.  Your FI’s CIO could go the Springboard website, select the plan she wants, break out the corporate credit card, and have an online PFM product running for their customers in a day or two at most.

I don’t know of another banking tech vendor that offers implementation like this.  No salesperson to haggle over features and pricing. No project manager to coordinate all the departments needed to make it happen.  Just five minutes to fill out the registration form.

I believe this is another sign of Chris Skinner’s idea of banking-as-a-service coming true.

Photo by Jeff Howard