By Jacqueline Chilton
I am a strong proponent of using Web 2.0 to develop relevant offers. For a bank it can mean finding a relevant context to present offers to customers; moving from intrusive selling to customer goal realization. Web 2.0 also allows for collective learning and an increased sense of engagement that transforms passive customers to advocates.
At the ATM, Debit & Prepaid Forum 2009 conference, Wesabe, Mint (recently Acquired by Intuit) and Billeo shared a panel to discuss their value proposition for consumers and banks.
These latest incarnations of personal financial management tools and transaction management have moved the Web from a discussion forum to truly contextualized product offers that support the consumer in reaching their goals.
Billeo characterized themselves as more of a transaction management company than a PFM. Traditionally banks have focused their loyalty programs to offers that exist on their website. Billeo offers the opportunity to target offers to the consumer off the online banking site and in the search engine or merchant website as online shopping is happening. (See prior post on Billeo) Billeo also tracks the consumer’s shopping receipts all in one place.
Wesabe and Mint offer consumers a community environment for financial management and an opportunity to receive tips on saving money or reaching goals (See previous post on Wesabe Mint Web 2.0 and consumer financial goal setting). Some consumers behave in such a way that a prepaid card would be better than a debit or they carry a large revolving balance and should move to a lower APR. Contextualized offers based on shopping patterns and peer experience have the potential to change the way financial services are sold to consumers – personalized and based on what they need.
The Glenbrook team is comprised of talented professionals from all areas of the payments industry, including business management, marketing, technology, operations, risk management, and business analysis. They have held senior roles at central banks, international banks, card networks, merchants, fintech startups, payments processors, and more. Together, Glenbrook Partners has become known as the go-to source for problem-solving, insights, and learning. Our team of bright minds and critical thinkers is what makes it possible.
Through our education wing, we have educated over 35,000 payments professionals on topics ranging from B2B payments to digital currencies and policy and regulation. Our experienced consultants have helped organizations in 62 countries achieve their goals with strategy advisory, in-depth research, and more. In addition to supporting payment professionals, the Glenbrook team is a valuable resource on the top issues of the day, sharing their experience and insights with professionals eager to understand industry fundamentals and how they are evolving.