Wednesday, November 11, 2009

Innovations in Online Banking for Credit Unions

On a special Tuesday edition of CU Chat Up, I had the opportunity to speak with Bryan Clagett, Peter Glyman and Shawn Ward from Geezeo. They discussed their comprehensive online banking offering for credit unions, including Personal Financial Management (PFM), online banking, mobile banking and an online community system. 

As I mentioned on the radio show, I am a little old school and each month I have been using an excel spreadsheet to keep track of my money. I have checking accounts, savings accounts, a mortgage, a home equity line of credit, several credit cards, 401k accounts and an IRA. Pretty much all over the place. I, as a consumer, would love to have account aggregation where all of my financial information is automatically tracked for me. As a credit union executive, I would want that to be with my credit union.

Imagine the possibilities. Your credit union could be established as the primary financial institution because you hold all their information. They use your online banking PFM to budget, track their spending, track their savings, track ALL their finances whether with you or not. And, as an added know all this information, so you can better target market to your members. It is a win-win for the members and the credit union! I get so excited about the possibilities for a uniquely branded PFM for a credit union. Especially when the PFM can be integrated in with your online banking. What more could you want?

How about mobile banking? Having all of those features available at the tip of your finger tips? A member is at the mall and they really want to buy a new video game or a new pair of shoes, but do they have the money? Easy, they can pull up their PFM right on their mobile phone!

How about an online community for your members to discuss their financial goals? To seek help for their financial questions? And opportunity for the credit union-your credit union to be the first place your members come to for financial help. That is a reality now also.

Online banking-the place to check your balance, transfer funds and make a loan payment will soon be a thing of the past. It will be archaic in the world of virtual banking.

Stanford FCU is rolling out PFM and mobile access for their members. Take a look at MyMo.

Have you included updating your online or mobile presence in your strategic plans for 2010? How about in your 5 year plans?

I would love to hear what your credit union is doing to innovate online banking and provide members will a better virtual banking environment!


  1. Carla,

    the innovative work you saw from team Geezeo is old news in internet age. The funny fact for me is that it is a failed technology/idea that has been reborn. Back in the early days of the web, the financial industry tried account aggregation technology and failed. One of the coolest tools I used was paypal on the mobile in the form of x-com (I think that was the name). Anyway, the startups and FIs failed, it went away. Social media was born and more internet use by businesses and consumers changed the landscape. My history on all this is a bit suspect but a good idea is a good idea and many smart people and companies brought back account aggregation and made it a necessary technology for ALL financial institutions. The number of people and companies are many. The choices for Credit Unions and Community Banks are many. If this technology is not in your plans add it! Not next year, now! For those FIs who add it now, the rewards will abound. Your business customers will love you and your consumer customers will love you. How will they show their love? They will engage with you.


  2. Thank you for mentioning the original aggregation buzz. I remember probably over 10 years ago at a CU meeting discussing how account aggregation was the next big thing. And even as recently as a few years ago discussing whether it would actually ever gain traction. And, it really never did in the pure sense of aggregation.

    But as you mention, now is the time! With social media and the expansion from aggregation to full PFM, including budgeting, planning, and community components, it is the time for credit unions and community banks to jump in.

    This is an opportunity for financial institutions to use these programs to support their brand and differentiate themselves.

  3. PFM, when supported by a data rich environment, allows FIs to provide ease, convenience and advocacy to those they serve. And while the fundamental concept of aggregation is not new, the execution has been refined. FIs that add PFM will reap rewards, but those that reinvent online banking, and put PFM front and center, will be the real winners.

    B Clagett