Innovation

moneyaisle | coming June 9th

I learned today of a new offerring scheduled to launch June 9th in the US. I am quite intrigued by the concept that has aspects of moneyexperts.co.uk with the added mix of auctions. More to come.

moneyaisle.com

The company’s fully automated, proprietary technology creates unique online auctions where banks compete in real-time to meet each consumer’s specific banking needs until one bank remains. The unique MoneyAisle platform has already become an attractive offering for small and mid-sized banks. Without the high costs of customer acquisition, banks are able to access a large market of potential customers from across the United States.

A quick search found more about them here at MIT technology review. No comment till I know more, but I liked this headline “NeoSaej’s algorithms could change the rules of online auctioning”

UPDATE:  Press Release

9 thoughts on “moneyaisle | coming June 9th”

  1. I visited this site and I was very impressed. Very easy to navigate. I liked the test drive auction and I got the same rate when I registered. I accepted the auction a nice fellow from Umbrella Bank called me within an hour. The whole process took me less than a hour. I really like the concept. The implications here are staggering, they could turn E-bay on it’s head as this technology/concept can be used in multiple vertical markets all to the benefit of the consumer.

  3. @p2p-banking.com – I noticed same thing, and meant to post on that and call her out.

    Peggy … care to comment??

  4. As someone who does work on MoneyAisle, I can say that there’s no one who works here named Peggy. I, too, was intrigued by Peggy’s comment: naturally, my hope is that it’s genuine. We’ve received some feedback of a similar nature in-house, so that’s certainly possible.

    What I can tell you is that the comment in question did not originate from our marketing department.

    If you have any questions about MoneyAisle, we’ve got a blog set up at http://www.moneyaisleblog.com. (See what I did there with the blog url? Now THAT’S marketing.)

    And Peggy, if you’re reading this: thanks for using MoneyAisle!

    Kevin Cafferty
    Senior Web Producer, neoSaej

  5. @Kevin … thanks for the comment. I presume Peggy just typed the wrong URL. And indeed nice URL for the blog!

  6. I ran 3 auctions and found them about 15-20 points off the rates I found at bankrate.com and money-rates.com – so the question is will bank customers “do-it-themselves” for a higher rate or let moneyaisle simplify for a lower rate?

  7. I just ran an auction for a CD and I got a rate that was one one basis point below bankrate. I find that very impressive for a company who launched there product only a week ago. Most startups can never say they are competitive with their competition, especially with an established titan in their space. This is a classic David and Goliath story in the making. I love an underdog.

  8. We’ll have to see but my hunch is that the rates will continue to be lower than Bankrate.com and Money-Rates.com like noted above, but this is a model that is really needed in the airline industry – the airfares are out of control.

  9. Hi everybody, I wanted to check back in to note that as of today (less than one month after we launched) our rates for 3-month and 12-month CDs are higher than those found on the top rate comparison aggregators, and they’re tied for 6-month CDs. That’s 90% of the CD market, right there.

    This is discounting Indymac bank, who, according to the New York Times, have been categorized by regulators as no longer ‘well-capitalized.’

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