Deutsche Bank has launched an online account aggregation and financial planning service for European consumers. The initiative, moneyshelf.de, is the first to emerge from the German bank's "global-e" Internet strategy.
The Moneyshelf service is designed to provide users with one-click optimisation of their personal finances on one Web site. The range of facilities include financial planning, aggregation of various bank accounts, comparing and buying funds, shares and various insurance policies.
Moneyshelf will derive its revenues from commissions paid by third party product providers. Currently 26 providers of funds and insurances are partners of Moneyshelf. New ones will be added each month, says the bank. The service will also be extended to other product areas; for instance, mortgages will be added this year.
Co-operations with national partners in several countries are also being pursued: Spanish savings bank La Caixa, is an early partner, with plans to launch a Moneyshelf-branded Spanish portal in early 2001.
Deutsche Bank is forecasting 1.25 million Moneyshelf customers in Europe by the year 2005.
For the domestic launch, print and TV advertising will be backed up by the use of convoys of security vans touring German cities in mid-September promoting a safe finance message.