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Wesabe launches money management platform for banks

18 March 2009  |  6782 views  |  0 Hands on keyboard

Personal finance site Wesabe has launched a Web-services-based version of its money management platform for banks and credit unions.

The SpringBoard platform lets financial institutions offer their customers the range of money management tools and community features available on Wesabe through their own Web sites.

The account and savings application helps consumers see where their money is going via custom tags or labels, identify budget hot spots and set up spending targets.

Aggregation tools enable customers to see all their accounts - checking, savings, credit card and investment - in one place.

Furthermore, community features let consumers share advice, support and tips as well as view side-by-side comparison of merchants, showing aggregate spending and satisfaction data, as well as user-generated tips.

Mac Dashboard, Vista and Wesabe Mobile widgets are also available.

In a blog on the Wesabe site, CEO Marc Hedlund says the firm started testing SpringBoard in January after hearing from financial institutions wanting "to help their members during these tough economic times".

"SpringBoard also helps credit unions and banks attract and service new members, including disenfranchised customers who don't feel secure in their current institution, as well as a new generation of Web-savvy users," he adds in a statement.

In addition, Hedlund says the money made through the bank partnerships will help keep the existing Wesabe site free to members.

Finextra verdict: A smart move by Wesabe, helping them to monetise their service without endangering their existing customer base. Banks that sign up for the service will be able to provide customers with a shared source of comparative data from across the Wesabe universe, which should act as a significant counterweight to the crowd-sourcing power of bigger go-it-alone institutions such as Wells Fargo and Bank of America.

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