Here is a monster infographic from our friends at Mindful Insights LLC, a boutique consulting firm in the digital finance space (previous post). You can click on the image for a larger version, or better yet, grab the PDF version here. We appreciate the opportunity to publish it.
- Seeking Alpha and Cortera had the highest traffic in September with 2.1 and 2.0 million unique visitors, respectively. Cortera also had the highest increase in number of unique year-over-year visits with over 1.5 more visits in 2011 than in 2010.
- Kabbage had the highest percentage growth year-over-year, up 280x.
- Weemba saw the highest monthly growth percentage with more than 7.5 times the number of unique visitors in September compared to August.
- SmartCredit.com had the highest increase in number of unique year-over-year visitors, growing by 126,000.
- CheckFree had the highest percentage growth year-over-year, with over 7 times the number of visitors this year than last year.
- Intuit had a notable increase in number of unique, year-over-year visitors, increasing by 300,000 visits.
- Check Point had the highest month-over-month percent growth, with 41% more visitors in September than in August.
- Seeking Alpha — the most-trafficked in August with 2.5 million unique visitors — also had the highest increase in number of unique month-over-month visits with 300,000 more visits in August than in July.
- Budgettracker.com saw the highest monthly growth percentage with more than 6.5 times the number of unique visitors in August compared to July.
- Betterment had the highest percentage growth year-over-year, up 88x.
- Cortera had the highest number of unique year-over-year visitors, growing by 1.5 million.
- Seeking Alpha had the most traffic in July with more than 2 million unique visitors.
- eToro saw the highest monthly growth percentage with 3 times the number of unique visitors in July compared to June.
- Bundle had the highest increase in number of unique month-over-month visits, with 450,000 more visitors in July than in June.
- eRollover had the highest percent year-over-year traffic increase, with 260,000 more visitors from last July.
- PayPal had the highest number of U.S. visitors in July, with more than 30 million visitors.
- Jack Henry & Associates saw the highest monthly growth with twice as many visitors in July than June.
- Wipro Technologies had the highest year-over-year growth, with 3 times as many visitors this year compared to last year.
- FIS Global and Online Resources also doubled their traffic compared to last year.
- American Consumer News provided a comparison guide for borrowers and lenders to Prosper’s and Lending Club’s services. The benefits included high rates of return and flexibility. Link
- Brian Wong’s Database blog looked at what its like to invest in Lending Club. He presented his opinion on the usability of the service. Link
- Cortera saw the highest number of unique U.S. visitors in May, with almost 2 million hits.
- HelloWallet experienced the greatest month-over-month growth, with more than four times as many visitors.
- Betterment saw its traffic increase an impressive 38 times from May of last year.
- PayPal experienced the highest number of U.S. visitors in May, with over 32 million visitors.
- TransUnion Interactive saw the highest month-over-month growth with more than two times the number of visitors in May than in April.
- Sybase 365 experienced the highest year-over-year growth, with its traffic up almost 80% from last year.
- They had been acquired.
- They were no longer available online.
- They were not covered by Compete for various reasons (including some that were not U.S. domestic companies).
- The number of unique visits was too small to be considered accurate.
- They were subdomains of larger websites.
It’s important to post reassurances prominently on banking websites, especially on product application pages. It helps users overcome their security and trust fears and move forward with opening new accounts online.
Often the explanations of guarantees are full of legalese and exceptions in the fine print, reducing their effectiveness. But M&I does a good job with concise and easy-to-comprehend copy (see second screenshot).
Here are the four parts to the guarantee, taken directly from the website:
- Zero Liability Protection: You will not be responsible for any withdrawals which result from unauthorized online access to your personal M&I deposit accounts.
- Bill Payment Promise: If we fail to process a payment in accordance with your instructions, we will reimburse any late charges assessed by the payee.
- Security Commitment: We use data encryption to protect you when applying for accounts, conducting transactions or paying bills online.
M&I also includes a short section outlining the customer’s responsibility to monitor their account and safeguard passwords.
We congratulate both the bank’s product group, and its attorneys, for keeping legal language to a minimum .
M&I Bank’s Platinum Checking application (7 June 2009)
M&I Bank’s Online Guarantee page (link), 7 June 2099)
1. For more info, see Online Banking Report: Opening Accounts Online, published June 21, 2009.
Thanks to everyone who attended my presentation on Trends in Ebanking last week at Metavante’s annual user conference. Here are the links to the examples cited:
- Walt Mossberg’s Mar. 25, 2009 article about iPhone apps
- Apple’s “Apps for Managing Money” page
- Blog entry about Quicken Online’s iPhone app
- iPhone on the homepage at 1st Mariner bank
- Chase mobile banking page
- Mobile data entry at Xpenser
- Bank of America’s SafePass mobile security page
- mobile payments integrated with prepaid cards at Obopay
- Quicken Loan’s Twitter page
- Twitter mentioned on Wachovia’s Contact Us page
- Wachovia’s Twitter page
- University of Wisconsin Credit Union’s blog, Source Code
- Sierra Vista Bank’s President’s Corner blog
- Chase Bank’s Chase +1 Facebook site
- Online personal financial management at Mint
- Property tax savings at LowerMyAssessment.com
- BillShrink’s savings tool
- Social savings at SmartyPig
- Free credit scores at Credit Karma
- Free credit grades at KnowBeforeYouApply.com
- Long-term financial planning at SimpliFi
- Deposit auctions at MoneyAisle
- Carbon footprint estimates pulled from spending data by Cooler Inc.
- Wesabe’s co-branded site at UK’s Telegraph
- H&R Block’s five-level fee structure for tax prep
- Wells Fargo’s fee-based vSafe online account storage
- Home-Account’s fee-based mortgage management
- Fee-based credit monitoring at MyFICO
- Expedited payments at Seacoast National Bank
- Prepaid cards plus expense reports geared for small businesses at Expensify
- Blog post about Mitek’s remote deposit capture via mobile phone
- Selling behind the login at Wells Fargo, Citibank and Chase
- Product placement at Rainier Pacific Bank (expedited payments)
- Intuit’s Quicken Health
- Fifth Third’s HSA account
- Webster’s HSA Bank
- Optum Health Bank’s debit card
- High-rate HSA account at San Francisco Fire Credit Union
- IOUSOS health-debt collection system from Globefunder
- Finovate 2009 in NYC Sep. 29
I delivered a presentation on Online Banking Innovations at Metavante's annual user conference in Milwaukee yesterday. As promised, here are the links to the companies and products mentioned. Thanks to everyone that attended and thanks to Metavante for having me.
- Young & Free from Common Wealth CU
- SourceCode from University of Wisconsin CU
- Member Connect from Piedmont CU
- The Diff from Quicken Loans
Lending communities (P2P lending)
- Credit Karma
- Quizzle from Quicken Loans
- Zopa (US)
- Mortgage Marvel from Mortgagebot
- Checking Finder from BancVue/FirstROI
Health Care Expense Management
OnBank passes our strict 25-word homepage standard, joining ING Direct, EmigrantDirect on the short list of financial institutions with Google-like clarity on their home page. It takes just a few seconds to know that this is a place to get a high rate of interest on your money, but you should look elsewhere for a commercial loan.
The user has just two main choices of what to do next (screenshots below):
- Apply…encased in a trendy lime green button
- More details…which leads to an equally succinct page that answers the important questions (see last screenshot below):
– fee free
– minimum balance of $1
– FDIC insured
– quick online opening process
The only thing missing is a comparison to other banks. Given that it's one of the highest savings rates available right now, OnBank should be aggressively showing how it compares to key online rivals, including ING Direct's 3%.
Not only is the bank direct and to the point in its copywriting, it also uses simple, effective graphics, including a gimmick sure to gain attention. To reinforce its 24/7 "always on" branding, OnBank takes a page from the iPhone weather forecast interface, showing the current time in reverse lettering in front of a background image that changes to match the time of day. As you can see in the three screenshots below: daylight (4:42 PM), sun setting (8:58 PM), and nighttime (9:02 PM). Presumably they also have a sunrise background. The bank displays the time according to the user's machine, PDT in my case.
We didn't test the Metavante-powered online application all the way through, but it looked relatively straightforward, although graphically not as appealing as the other OnBank pages.
Thanks to Bank Deals for the find.
OnBank homepage during daytime (17 April 2008)
Evening (16 April 2008)
Night (16 April 2008)
"More details page" (17 April 2008)
September, October and November are traditionally great months for new product announcements. True to form, at least five major U.S. mobile banking announcements appeared last week. Brandon McGee posts a quick synopsis here.
Of special interest were the announcements by Firethorn/CheckFree and Monitise/Metavante, all of which will be presenting at our upcoming FINOVATE conference in New York City on Oct. 2 (see note 1).
Firethorn ended a relatively quiet stretch with an important announcement, the addition of Ogden, Utah-based America First Credit Union to its mobile banking consortium which includes Wachovia Bank among others (see previous coverage here). The top-10 credit union has more than 400,000 members and gives Firethorn a reference account in the credit union and non-mega-bank categories. The service is expected to go live in early 2008.
We've had the pleasure of hearing the Firethorn story several times, but going into the critical fall marketing period, it will be interesting to hear an update on the Firethorn rollout with AT&T and Verizon Wireless.
Monitise/Metavante Joint Venture
Although disclosed in March of this year, the Monitise and Metavante joint venture was officially announced last week (here). Monitise crosses the Atlantic with mobile banking and payment solutions already widely deployed in its United Kingdom home market under the MONILINK brand. Its client list reads like a who's who of U.K. financial and telecom players: BT Global Services, T-Systems, HSBC, First Direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and Hutchison 3G. The JV's Oct. 2 presentation at FINOVATE marks the first time the new entity, Monitise Americas, will be on stage to DEMO the new service expected be available by year-end.
1. Our FINOVATE 2007 DEMO conference is expected to sell out some time next week, so if you want to reserve a place you should register ASAP at www.finovate.com.
As a one-time bill payment product manager, I've long appreciated the difficulties of making online payments live up to the hype. It was one of online banking's "dirty secrets" in the 1990s that if you wanted your bill paid quickly, you'd usually be better off whipping out your checkbook and dropping the "ink on dead trees" into the so-called snail mail (see note 1).
Thankfully, those days are behind us. Thanks to CheckFree, Metavante, Online Resources, MasterCard RPPS, and smaller companies such as iPay Technologies, Billeo Inc., Princeton eCom (now owned by Online Resources), and Yodlee, we have reached the point where most bill payment transactions are fully electronic from consumer initiation to posting by the biller. The paper has finally been wrung from the system, at least on the remittance side. There's still some work to be done on the actual billing statement itself.
Luckily, we have six of these payment innovators appearing at our upcoming FINOVATE 2007 conference to be held in NYC on Oct. 2, although Yodlee will be showing its online personal finance manager and Online Resources will be DEMOing its virtual collection technology. If you are interested in attending the conference, please register now, since there are only 37 seats remaining. Here's the link.
Billeo is an outside-the-box-thinking online payments facilitator that uses the power of Web-based tools to make it easier for consumers to track and manage all their payments, both at the point-of-sale, and one-time and recurring bills. Blue-chip clients include Visa and Target among others. The Santa Clara, CA-based company won an OBR Best of the Web in 2005 for its toolbar-based interface. The venture-backed company's innovative streak lands it on the pages of NetBanker quite frequently (see previous coverage here) and we look forward to seeing the next generation of its service at FINOVATE in three weeks.
CheckFree literally created the market for online bill payment in the United States and has worked tirelessly to help convert what was once a large paper-pushing operation into a finely tuned, almost totally electronic, process. They've been the leader not only in creating a smooth back-office system, but also in smoothing out the rough edges in the payee sign-up process, in the customer interface, and in moving billers towards bill presentment. CheckFree, which closed on its acquisition of platform-provider Corillian just a few months ago, has been swept up by Fiserv in a proposed acquisition pending shareholder approval. Every year the company raises the bar for online bill payments, and I look forward to seeing what they have in store for FINOVATE attendees.
We've written about iPay Technologies in Online Banking Report a number of times, but unless you've shopped bill payment providers in the past few years, you may not be familiar with the nimble Elizabethtown, Kentucky-based firm. The privately held, 250-person bill payment specialist now handles payments for more than 1,000 banks and credit unions with a total user base just under 500,000. The company is a full-service provider offering not only bill payments, but also person-to-person payments, interbank transfers, gift-oriented payments, and even old-school telephone bill payment. If you haven't met the management team of iPay yet, you are in for a treat. Dana Bowers and her team are a delight, and I encourage everyone to talk to them during the FINOVATE breakout session.
Metavante, wholly owned by Marshall & Ilsley, but on a path to be spun out later this year, is involved in almost every aspect of banking from risk management to loan originations and of course payments and online banking. The company's Products and Services page lists 78 items. I've had the opportunity to participate in its user conference the past three years, and it's mind-boggling to see the breadth and depth of its products displayed in one event. Its latest is a joint venture with leading UK-based mobile-provider Monitise, another FINOVATE presenter (press release here). On Oct. 2, Metavante will be demonstrating its Immediate Payments service, something that customers have long valued. It will be interesting to see how Metavante delivers on this tricky payment capability.
1. For those of you new to the bill-payment business, the reason snail mail beat online payments was that prior to the turn of the century, the majority of "online" bill payments were actually sent via snail mail, often from remote locations, that took longer to traverse the country than if the consumer had sent it themselves.