e-Banking Going to the Next Level?
by Antti Akonniemi
About a year ago I wrote about Taking e-Banking to the Next Level. Now TIEKE Finnish Information Society Development Centre has started a project where the goal is to spec out an API for personal finance management so that banks and credit card companies can transfer account/investment data to 3rd party software (such as Mint.com and Balancion).
This is great news for us users since we own the data and now banks are giving us a change to do something with it. Services like Mint and Balancion are great examples on what 3rd parties can do with the data, but I’m sure that this is just a tip of the iceberg.
Let’s hope that TIEKE does a good job and this thing actually moves on and we’ll have a chance to see what really hit Titanic!
Advertisement
are banks willing to do so?
There is one such standard in Germany – HBCI standard (http://openhbci.sourceforge.net/) wonder how many personal finance applications / sites exist in that market…
Interesting! Thank you for that link. I don’t have any knowledge of the German market, but I asked some people to comment on it.
I think some banks are wise enough to allow this, it might even give them a competitive edge.
competitive edge ? for example…
Bank’s competitive edge lies in keeping such data proprietary & themselves do something out of it… & gain competitive edge
Yes, but I meant some bank (maybe some small rebellious bank) could turn being open and customer centric to their competitive edge.
Here’s one service from Germany: http://kontoblick.de/
According to the graph I got the market isn’t really the best in europe and for some reason people don’t use that much bank / credit cards, but cash. Which makes services like this hard.
Link to the graph: http://www.flickr.com/photos/anttiakonniemi/5268042780/
and how much market share all these rebellious banks (all taken together) have? I believe in any market top 3-4 banks hold >70% market share. Most of us bank with. Our fist account for day-to-day transactions.
Thanks for the graph :: and hence the business case…
personal finance tool, for any bank, is perfect add-on to their “own” online channel to make this migration CASH => Card / Digital payments
FYI, some other stand alone PFM service:
- FR :: http://www.iswigo.com ; http://www.winancial.com/
- NL :: http://www.yunoo.nl (recently bought by Sanoma group btw)
…
..
.
and many more in UK & ESP…