I am a strong proponent of using Web 2.0 to develop relevant offers. For a bank it can mean finding a relevant context to present offers to customers; moving from intrusive selling to customer goal realization. Web 2.0 also allows for collective learning and an increased sense of engagement that transforms passive customers to advocates.
These latest incarnations of personal financial management tools and transaction management have moved the Web from a discussion forum to truly contextualized product offers that support the consumer in reaching their goals.
Billeo characterized themselves as more of a transaction management company than a PFM. Traditionally banks have focused their loyalty programs to offers that exist on their website. Billeo offers the opportunity to target offers to the consumer off the online banking site and in the search engine or merchant website as online shopping is happening. (See prior post on Billeo) Billeo also tracks the consumer’s shopping receipts all in one place.
Wesabe and Mint offer consumers a community environment for financial management and an opportunity to receive tips on saving money or reaching goals (See previous post on Wesabe Mint Web 2.0 and consumer financial goal setting). Some consumers behave in such a way that a prepaid card would be better than a debit or they carry a large revolving balance and should move to a lower APR. Contextualized offers based on shopping patterns and peer experience have the potential to change the way financial services are sold to consumers – personalized and based on what they need.