Fiserv adds PFM tools to Corillian Online

Source: Fiserv

Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that new personal financial management tools designed to meet the needs of everyday online banking users have been added to Corillian Online.

The service, which already unites bank account information and transactional features such as money movement within a single screen, will now include a financial management page that includes customizable budgeting tools and spending overviews. Many of the new tools are highly automated, requiring little ongoing input of information and making them easy for consumers to incorporate into their regular online banking routine.

The new features can be previewed at

"The personal financial management tools in Corillian Online were designed to provide just the right level of detail without overwhelming users," said Erich Litch, senior vice president and general manager, Consumer Services, Fiserv. "Most people don't want to spend hours scrutinizing receipts and itemizing transactions, they just want to quickly see where they stand and then take action based on those insights. Integrating at-a-glance financial information with the transactional capabilities of online banking makes that possible."

A December 2009 Fiserv survey showed that while there is strong demand among consumers for personal financial management tools, only 15 percent of consumers actually use such services today. These findings suggest that there is a significant opportunity for financial institutions to provide this information, particularly since consumers expressed concerns about sharing personal information with third party service providers.

Corillian Online deeply integrates online banking with money movement and personal financial management (PFM) and budgeting tools, providing consumers with actionable insight. Consumers do not need to leave the bank site to make payments or transfers, allowing them to be more proactive about how they manage their finances.

The enhanced features within Corillian Online reflect extensive usability research, and include:

Customizable Budgeting Tools - Personalized budgeting tools allow consumers to add budget categories to reflect their spending habits. Consumers can add categories such as "dining out," and purchases at restaurants will automatically be added to the category total. A bar moves from left to right as the amount spent increases, and changes from green to yellow to red if the amount spent exceeds the budgeted amount for that point in the month. Consumers get a quick visual representation of where they stand, and can see a side-by-side comparison against a previous month's budget with the click of a mouse.

Interactive Spending Overviews - Consumers can set rules to classify and "memorize" transactions to designate that they should be categorized under specific spend categories, such as prescriptions under "medical" or the electric bill under "utilities". Memorized transactions will be continually and consistently applied to the correct category, ensuring that spending is accurately reflected.

The service automatically generates a breakdown of spending over a pre-designated timeframe, and allows consumers to track spending for a certain account or across all their accounts at the financial institution.

Spending and Security Alerts - Optional e-mail alerts can notify consumers if spending in a specific category exceeds a pre-specified amount, helping them gain more financial control. Consumers can also enable security alerts to notify them of changes to their accounts.

Available in licensed and ASP versions, Corillian Online is designed to encourage online banking adoption and enhance user retention by providing a rich, intuitive financial management experience. Corillian Online is updated regularly through Feature Packs, centrally managed updates that eliminate time-consuming upgrades for financial institutions while ensuring consumers always have access to the latest functionalities. The new personal financial management tools will be implemented through Feature Pack for licensed users in December 2010 and ASP version users in the first half of 2011.


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