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Posts Tagged ‘OFM’

Mint Launches Bill Reminders

August 22, 2011 Leave a comment

Mint has released a new feature, “bill reminders”, for their online PFM software. One awesome feature is that the reminders can be sent to you by SMS. You can read more here.

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Wesabe, We Hardly Knew You

July 1, 2010 2 comments

Wow.  I’m really sad to see Wesabe go; I was really rooting for this company.  Their technology was great and really helped transform PFM.  The Springboard application was also a cool idea.  I believe Wesabe was the first bank tech vendor to offer a way for banks and credit unions to signup for a customer facing service that would be active within 48 hours.  A lot of vendors could learn from that.  Sidenote: if I were a white-label OFM company, I’d look into buying this piece of technology from them.

But looking back, as much as I liked Wesabe, I didn’t really use the service that much.  Mint, on the other hand, I use at least once a month.  The reason for this?  I’m lazy.  One of Wesabe’s key points was that they didn’t store your online banking credentials.  You had to constantly upload your account information.  Mint, on the other hand, loaded it whenever you logged into their service.

I imagine that for a lot of people, this also made a difference.  Now, I don’t remember if Wesabe offered weekly alerts about your accounts, but I know Mint does.  Seeing those weekly emails and push notifications to my iPhone constantly reminded me about the service and reminded me to login and update my accounts.

So what does this mean to us financial folks?  It means that we need to stay in constant contact with our customers.  Customer apathy towards their FI helps increase the churn rate.  As we push our customers to online channels and branch traffic drops, contact becomes increasingly important.  Ron Shevlin’s post Why Engagement Matters and The Financial Brand’s post How To Build Relationships With Branch Avoiders are two great insights into this.  Otherwise, you could look up one day and wonder where all your customers went.

One bright side to all this is Wesabe will open source some of their technology.  I’ve been looking for a reason to build my Ruby on Rails chops and this looks like a great one.  I’m sure other developers are chomping at the bit also.

Related Posts:
Is PFM Really the Answer?
Wesabe Launches Springboard
If You Can’t Beat ‘Em, Buy ‘Em
No Know-How, No Order