The Bankwatch

Tracking the consumer evolution of financial services

Cashedge OAO is the tool of choice for high internet savings Banks

Thanks to a tip in my comments from Bankit (no link) I did a search for Cashedge OAO and the result blew me away.  It listed all the recent entrants in this space (Flushing, Huntington, Compass etc).  Take look for yourself!

Turns out on viewing their source code, that Cashedge OAO shows in the URL and/ or the source code.  This is unbelievable …. how can these Banks let that happen!  Have they never heard of differentiation!  Here are two examples, from HSBC, and IGO Flushing respectively.

https://quickaccount.us.hsbc.com/jsp/oao/relc/cashedge/oao_index.jsp?homeid=99992052

src=”/jsp/oao/relc/cashedge/oao_session_timer.jsp?homeid=99992070″

On a deeper level … the commoditisation, and lack of creativity amongst American Banks is startling.  Vendors who are consolidating at a rapid pace, are presenting to these guys, and the results are not as transparent as they may think.  Its great to buy solutions, but think about the implementation, and how it aligns with business strategy.

I will say again … internet is not an add on.  Its a business model change – plugging in Cashedge as an add on is not a long term strategy.

 

Written by Colin Henderson

February 26, 2007 at 21:48

Posted in Online Banking, US

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