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Online Banking Personal Financial Management: A Two-Stage Plan for Retention and AcquisitionPublished by: Javelin Strategy & Research Published: May. 1, 2007 - 28 Pages Table of ContentsOverview Primary Questions Findings and Analysis Declining Adoption Rate For Online Banking Requires Enhanced Functionality to Draw Additional Customers Two-Stage Implementation of Online Banking PFM Stage 1: Segmentation: Focus on High-value Customers First Stage 2: Put Cross-Institution Aggregation on the Roadmap Mass Adoption of Online Banking PFM - A Long-Term Goal Demonstrate Value to Stimulate Uptake Insights into the PFM User Current PFM Users - Demonstrated Value in Pre-categorized Expenses and Consolidation Age - Look to Younger Consumers for Online Banking PFM Acquisition or Retention Strategies Income Level - Valued Features Differ across Groups Aggregating Across Institutions Provides Value and Increases Retention Online Banking PFM and Web-based PFM: What's the Real Difference? Related Research Appendices Table of Figures Figure 1: Number of Consumers Engaging in Online Banking 2003 to 2007 Figure 2: Development Stages for Implementing Online Banking Personal Financial Management Figure 3: Most Valued Features for Managing Finances Figure 4: Methods Used to Budget or Manage Finances Figure 5: PFM Users’ Most Valued Features for Managing Finances Figure 6: Methods Used for Managing Finances by Age Figure 7: Most Valued Features for Managing Finances by Income Figure 8: Likelihood to Remain a Customer if Offered Online Banking PFM by Income Figure 9: Most Valued Features for Managing Finances by Age Figure 10: Likelihood of Remaining a Customer because of Online Banking PFM by Age Figure 11: Likelihood of Consolidating Finances by Income Figure 12: Effect of Online Banking on Usage Habits Figure 13: Reasons for Switching Banks Figure 14: Important Criteria for Selecting a New FI Figure 15: Reasons for Adopting Online Banking Figure 16: Motivators for Viewing More Bills Online Figure 17: Longitudinal Usage of Quicken or Money Personal Finance Software AbstractOverviewAdoption of online banking is beginning to plateau, and online banking personal financial man-agement (PFM) will be the capability that helps reinvigorate interest in the channel and strengthens existing customer relationships. Based on quantitative data, historical industry trends and executive interviews from top FIs and technology vendors, Javelin assessed and created a two-stage implementation plan for online banking PFM. Consumer data provides the basis for feature and platform preference segmentation, followed by a review of vendors in the space. Primary Questions
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