The Bankwatch

Tracking the consumer evolution of financial services

Alerts 2.0: Interactive Financial Messages

The premise is that alerts will blossom into Interactive Financial Messages (IFM’s), and those will replace todays online banking sites. 

IFMs Will Replace Todays “Costco-Size” Financial Web Sites …

Javelin views the term alerts as insufficient to describe these futuristic exchanges, and we now call them IFMs, or Interactive Financial Message

Online banking is the Costco approach … presumably referring to bulk impersonal buying.

Web sites will continue to grow as the place people get “Costco” size access to their finances, such as viewing and paying bills or manage the needs of multiple financial accounts.”

Where the premise is off (imho) is in the concept that IFM’s are the next generation of online banking sites.

bite-sized beats Costco-size (Did my DDA account running low? If so, can I get a recommendation on overdraft protection or a line of credit to tie me over? Hey-thanks for double-checking with me before approving that unusual overseas transfer

I get the IFM and bite sized concept, but I don’t see that as a replacement for online banking.  This in fact is the future of online banking, the next in a series of evolutions in online banking, following bill payment, service requests, and cheque/statement presentment.  Customers still need the Costco stuff too.

What I would add though is that all channels will come into play.  The recommendations for overdraft protection, orline of credit, may appear in wireless, branch or ATM channels.  The format of the IFM will vary depending on the channel.  A rich context sensitive approach online, or a quick nudge for further contact on the ATM.

Is this a harbinger of increased complexity for financial and payments providers? You bet. Does this represent real market and customer value? Yes again! That’s why IFMs are the battleground for future customer share

This makes sense.  Customer loyalty requires capability beyond transactions, and basic information.  IFM’s represent the next generation of self service banking.  The notion of proactive advice, notifications, and suggestions is compelling.  Banks have built out internal data.


Written by Colin Henderson

August 26, 2006 at 10:08

One Response

Subscribe to comments with RSS.

  1. […] Account alerts, or Interactive Financial Messages is one potential output that if its based on meaningful information, will be just the right thing for your customer, and be the right thing to keep them coming back to you for your services, and products. […]

Comments are closed.

%d bloggers like this: