Posts Tagged ‘Springboard’

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

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