MyMoney is an online home banking application that interacts with a variety of financial institutions, so you can view your account balances, transfer money between accounts, review histories, and much more. Plus, MyMoney uses multiple layers of security, so that you, and only you, can access your account.
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Brad G.
Conceptually I like it but it’s only supporting 10-15 institutions right now and they are only in the CU space. Would live to see a Wesabe or Mint type of institution rollout so we all can play.
Mike T.
Brad, I agree with you on their lack of wide-ranging support, but I think it could be a great app as more FIs sign on. I think one of the main drivers behind this Facebook widget from Fiserv is the fact that Keypoint CU launched its own “Facebanking” application several months ago with great success.
Fiserv probably sees this as a “value-add” for their clients and another way to keep their name in conversations.
Ed T.
The KeyPoint CU Facebook app only averages 3 daily active users. Is that success? I was very disappointed to see Jim Bruene’s blog post (on NetBanker) that showed how little traction FI apps are getting on Facebook. Given these apps are not really social, but more utilitarian, I wonder how worthwhile this type of integration is. Don’t get me wrong, I love Facebook and the possibilities is presents, but not sure of the write model/role for FIs.
Mike T.
@ Ed T. I think a quote in the latest story about Fiserv’s MyMoney in the Credit Union Journal sums it up best. Jay Slavin, SVP of product and biz development at Fiserv, said, “You don’t necessarily get a big ramp-up real quick. If you’re not there, it’s something that you’re going to be hurting for in the future.”
Also, to your point about these financial apps being more utilitarian and less social may also be adding to the current low adoption rate. People using Facebook aren’t used to being able to do things like this from within the app. They’re more familiar with Vampire-biting people and rating friends hot-or-not.
As more applications are developed and the Facebook audience becomes more accustomed to the features available to them, I think usage for apps like this will increase. It’s only a matter of time. I don’t think we can give deem any of these apps a success or failure yet, especially after only being available for 3-4 months.
It will be interesting to see what happens.