Mastercard is moving into the personal finance budgeting space with the launch of a Web-based tool that enables cardholders to categorise and monitor debit card spending. American Express meanwhile has launched a free online account aggregation and money management service.
This is just the beginning, and while it's the right direction yet it's not yet enough. According to what we see in our data, it's not enough to provide great money-management capabilities for just one particular type of card account. Consumers want a return
to the financial services simplicity they had in the 1950's--prior to introduction of all the complex financial services instruments such as networked credit cards and mutual funds--allowing always-on, real-time, transparent, integrated, customer-controlled
and safe management of financial assets from one central provider. Intuit acquired Mint because their market share of the US PFM space went from 48% to 79% of online consumers with one acquisition (according to Javelin research data). The first financial provider
to give consumers (and even small businesses) the level of control through what we call the Customer-Driven Architecture will enjoy similar market dominance. The technology is available, and a ready market waits.
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