Metavante Corporation has launched a new Internet-based personal cash management (PCM) solution for the US mass affluent market.
Using Metavante's PCM product, financial services providers can offer customers self-service wealth management of their portfolios via the Web with single sign-on access. Customers will be able to access a comprehensive view of all their investments, day-to-day banking, bill payment and credit services, and trade online, says the company.
Washington Trust Bank of Spokane piloted the PCM solution during the fourth quarter of 2001. "Based on earlier client feedback, we anticipate a very positive response when we introduce our version of PCM during the first quarter of 2002," says William Hawley, senior vice president and private banking group manager, Washington Trust Bank.
According to the TowerGroup, the number of affluent investors with more than $1 million to invest will increase at a compound annual growth rate of 15.2% from 7.5 million in 2001 to 13.2 million in 2005.