Abstract
Overview
Consumers have long desired greater control over their finances and the
extended pain of the global recession has only heightened the need for better
online tools to help them monitor and manage their money. Although websites
such as Quicken Online and Mint have captured headlines for their innovative
tools, a Javelin survey of more than 2,000 consumers in August underscores
that banks and credit unions are in an ideal position use online banking to
provide a financial portal that can help customers see all their accounts in
one place in real time, track and analyze their spending, and achieve their
financial goals. However, financial institutions and online-banking vendors
generally have been slow to keep pace with their non-bank rivals, forcing
customers to look elsewhere for PFM tools - potentially squandering their
significant trust advantage with consumers. And Intuit' s announced acquisition
of Mint gives Quicken a smooth one-two combination that just may be a knock
out punch in the competition among consumer PFM websites
Primary Questions
- What methods do consumers typically use to manage their finances today?
- What methods would they prefer to use?
- What benefits and features do they value most when it comes to picking a
money-management system?
- Who is winning the battle for consumers: banks or PFM websites?
- How will Intuit' s acquisition of Mint reshape the PFM landscape?
- Which consumers are most likely to use PFM tools at their banks?
- What features will distinguish “PFM Lite” from “PFM
Deluxe” and PFM of the future?
- What is the return on investment for PFM tools?
Report Statistics
- Audience:
- Financial institutions: E-commerce, mobilebanking and marketing
strategists.
- Vendors: Online-banking platform providers, online-banking vendors,
online-banking marketing.
- Others: Personal finance websites.
- Author: Mark Schwanhausser, Analyst, Multichannel Financial Services
- Length: 64 pages, 36 charts/graphs
Methodology
This report is mainly based on data collected online from a random-sample
panel of 2,019 respondents in August 2009. The survey targeted respondents
based on representative proportions of gender, age and income compared to the
overall U.S. online population. Overall margin of sampling error is
±2.18% percentage points at the 95% confidence level.
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