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KeyBank is launching a new online banking and mobile service called myControl Banking. The mobile app became available today in iTunes (link).
The service is centered around myMoney Forecast, a real-time balance forecast shown at the top of the screen (see inset below). It’s a vital PFM function that looks a lot like Simple’s Safe-to-Spend.
But there is one significant difference. Key Bank users can make the forecast more accurate by manually entering Money In or Money Out transactions before they clear the bank (for example, a just-written check, see bottom of first screenshot). The bank automatically nets out any pre-scheduled bill payments, transfers, or ACH items and adds in recurring regular paychecks and transfers in.
The interface also includes a weekly cash flow calendar so users can monitor the flow of their funds. And up to five goals can be established and tracked within the app and/or online dashboard.
The mobile app does not (yet) replace Key Bank’s regular mobile app. Before using MyControl, customers must sign up for it within online banking.
Analysis: The introduction of MyControl Banking is a fantastic move. It delivers the key missing component of online banking, a peek at what’s about to happen with cash flow, without making users slog through a bunch of PFM features they don’t understand.
It provides Key Bank with meaningful differentiation, and gives them a platform to add more PFM content in the future.
Because Key Bank’s MyControl raises the bar in digital delivery, we are giving it our OBR Best of the Web award (note 2). We are also retroactively naming Simple as a co-winner since they commercialized a similar balance forecast earlier this summer.
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Mobile checking & savings balance visualization with integrated transfer button (left) and goals (right)
Key Bank myControl Banking landing page (link, 20 Nov 2012)
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Notes:
1. This post was developed from info available within the app, in the product video at Key.com/mycontrol and in the FAQs. But I don’t have an account at Key Bank, and there is no interactive demo yet, so I haven’t used the service with live data.
2. Since 1997, our Online Banking Report has periodically given OBR Best of the Web awards to companies that pioneer new online- or mobile-banking features. It is not an endorsement of the company or product, just recognition for what we believe is an important industry development. In total, 88 companies have won the award. This is the first for Key Bank and Simple. Recent winners are profiled in the Netbanker archives.
3. For more on balance forecasting and other advanced PFM features, see our recent Online Banking Report: PFM 4.0 (June 2012; subscription).
Online lending platform,On Deck Capital, released growth numbers late last week. Here’s a quick summary:
– banks– leasing companies– funding advisors– accountants– payroll firms
– Atlanta– Sarasota– Chicago– Los Angles
As of this month, the platform has delivered over $300 million to U.S. small businesses.
To learn more about On Deck, watch its FinovateSpring 2012 demo.
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Here’s a look at the press coverage from FinovateAsia 2012 last week in Singapore:
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Earlier this month, online financial literacy platform for kids, Playmoolah won the startup challenge at Innotribe, an innovation breakout session at Sibos.
The Singapore-based startup gave a 10-minute pitch at Innotribe, competing against 10 other startups*, and was named the winner, earning $50,000 in cash as a prize. Playmoolah plans to use the money to make its platform even more interactive and add multi-lingual versions.
To learn more about Playmoolah, watch its FinovateFall 2012 demo.
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*In order to compete, companies were required to be less than 3 years old and have no more than $12 million in combined revenue and funding in the past year.
Unless you are the low-cost provider, most businesses try to impress prospects with their wonderful features and benefits before talking price. Banks are no different, especially in the checking account arena.
But for a number of reasons — regulations, consumer backlash, competitive pressure — relegating prices to the fine print just doesn’t cut it anymore.
And Bank of America, which last fall suffered perhaps the biggest fee-based backlash in history, is now a leader in fee transparency. It has an entire website dedicated to the subject called Facts About Fees (first screenshot below). The site lists all fees, explains in detail how they are calculated, and even provides good advice on how to avoid them (see inset; note 1). Consumer and small business versions are also delineated.
The bank also includes a comprehensive fee listing in its Checking & Savings product page (second screenshot). A number of banks and credit unions have similar fee schedules posted, but it’s still the exception rather than the rule.
Bottom line: By all means lead with your wonderful features, but keep a comprehensive list of prices a single click away. It’s the right thing to do.
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Bank of America’s “Facts About Fees” (consumer version, link, 15 Nov 2012)
Note: The first page features a Flash-based “cover flow” style presentation along with a talking lady who helps explain the finer points.
Fees at a Glance page within the Checking & Savings area (link)
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Note:
1. There is life after overdraft fee reform. See the latest Online Banking Report: Digital Overdraft Protection (published Oct 2012, subscription).
Contractually, Capital One had just one year to transition away from the ING Direct name and rebrand with its own creation. Last week, it announced the new name:
Capital One 360
While I like the “360” thing, I’m a little disappointed they didn’t give it a separate brand, like NAB’s UBank. Here’s how the bank explains it to customers:
Red’s the new Orange. Since Capital One’s colors are red and blue, our new colors are going to be red and blue, too. After all, we’ve got to make sure we’re color coordinated and lookin’ good for the family photo.
My take: Most financial institutions are best served by overlaying their trusted name on all their initiatives. But given the provenance of ING Direct, a quirky independent anti-bank bank (though it was owned by a huge financial conglomerate), I thought this might be an exception to the rule. But I don’t fault the bank one bit for taking the lower-risk approach.
It will be interesting to see how Capital One positions the 360 brand long-term with its other bank and card divisions. The “360” implies a full view of your finances, so I wonder if they’ll be dropping PFM features into the account soon. There are no clues on the bank’s “Our pledge” page (accessed via the blue button above the ball).
And long-time fans are wondering how much of the old ING Direct quirkiness will be maintained, if any. One promising sign, the landing page at <capitalone360.com>, has a clever play on words along with an interactive feature that allows the user to “paint” over the orange ball revealing a maroon 360 one. Very well done.
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Capital One 360 landing page before “brushing” (14 Nov 2012)
Capital One 360 landing page after brushing
Note: Not that it really matters, but I was expecting the ball to bounce, as it used to on the ING Direct page, after the 360 was revealed.