2005 is off to an innovative start, first the launch of Billeo, a toolbar-based bill payment manager. Now, Wells Fargo puts a little sizzle into its online banking steak, with a preformatted spending report, ala Quicken, appropriately named, My Spending Report.
The bank's press release says its patent-pending, which we can only hope is a marketing gimmick.
Here's how the bank describes the service:
…combines spending transactions from a customer's check card, credit card, checking account and bill pay in one convenient place, accessed through a secured, online banking session and updated automatically each day. Electronic and bill payment transactions are organized by familiar categories such as gas/automotive, groceries, ATM withdrawals, etc.
We will see more and more innovations around data delivery as banks try to differentiate their online services and add value. The stream of banking data available online is begging to be organized, analyzed, flagged, and reported.
Quicken has been doing it for 20 years, but it's more appealing to many users, especially younger ones, to integrate personal financial management right into banking websites.
Slightly Off-Topic Rant
Despite a well-crafted press release, don't bother visiting Wells Fargo's website today to learn more about My Spending Report. Not only is there no homepage link, the site-search function contains no relevant links either. So much for integrating PR with your website.
If you'd like to learn more about the how personal finance functionality is penetrating online banking, check out Personal Finance Features for Online Banking: Why “My Spending Report” trumps free bill pay on the subject from our sister publication, the Online Banking Report.