As Banks look to establish benefits from online banking beyond mere transaction migration, which is already well underway, this new offerring from Corillian is an example of the next level – information management, and problem resolution.

Much of the general inquiries at any bank are inquiries of the nature of transaction lookup, balance as of a certain date, has X been processed etc. One way to enable consumers for self service is provision of rich information, with value added analysis, of the nature that used to be offerred only to ‘platinum credit card” customers.

Finextra: Corillian introduces personal money manager module

Many financial institutions are still faced with legacy systems that are optimized to provide online banking users with only 30 to 90 days of host supplied transaction history. Today, online banking users expect and demand access to their online accounts, anytime, anywhere and are now less tolerant than ever of down time.Further, consumers are demanding increased accessibility to past account transactions and require better tools to manage them.

With Corillian PMM, financial institutions can affordably deliver:

• Transaction reporting and analysis based on categorized account activity – from the institutions’ Web site, without the need for third-party financial management tools
• Auto-categorization to help consumers categorize their transactions in friendly terms based on host-supplied transaction types or SIC codes
• Balance information and transaction activity even when the financial institution’s host systems are unavailable
• Multiple years of enriched account transaction history – all under the financial institutions’ control

Relevance to Bankwatch:
Management of money is a given for Banks. Management of (customer) information is destined to become a source of differentiation.