The Bankwatch

Tracking the consumer evolution of financial services

What is the difference between a payments oriented view and a traditional account oriented view?

In a timely post while the payments meme is developed, Jim at netbanker discusses two new offerrings that go some way to take a payment oriented view for the customer.

Frost Bank Momentum Account Combines Reward Checking and Personal Financial Management (NetBanker)

The Innovations

Besides the DIY APY gimmick, the new account is noteworthy because it incorporates goal-oriented savings and transaction tracking into the interface. Users can allocate funds to one or more savings goals and setup automated transfers to the savings sub-accounts.

The interface also includes budget categorization features using the folders metaphor. And the usual charting and graphing functions are available

  • Example … more debit usage translates into higher interest rates.
  • Example … product simplification from chequing and savings features in one account
  • Example … budget categorisation, charting and graphing as part of the package

Relevance to Bankwatch:
What is the difference between a payments oriented view and a traditional account oriented view?

Here are a couple to get us started:-

Payments = benefits associated with increased usage
Account = terms, conditions, restrictions

Written by Colin Henderson

July 30, 2008 at 21:49

Posted in Payments

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