Being "functional" with online banking

by Saul Devine on 11 January 2010  |  0 comments
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Why "online banking" is a functional product release, and the rationale behind doing it.

Here at lovemononey.com HQ we set ourselves a challenge when we started the company. That challenge was to be original.

If we were not going to be original we would end up being called another "comparison site". We have nothing against price comparison sites, some of them are great at what they do, but we all felt strongly that the world does not need another price comparison site right now.  

lovemoney.com was going to be different. lovemoney.com was going to be unique! We knew this was a lofty aspiration and we knew that claiming to be unique was fraught with pitfalls. So, to make sure we did not stray too far from our original intentions, no matter what the commercial temptation, we decided to launch a strategy which would concentrate us on being "functional".

Our definition of "functional"? Using technology to deliver purpose to our customers, give them something that will change or challenge the way they do things by concentrating on their behaviours.

We are proud that our first "functional" development is online banking.

(This blog is not really product focused, so if you want to read more about features etc or how it works, check Carls site stuff blog here; http://www.lovemoney.com/blog/carlknibbs/lovemoneycom-proudly-present-online-banking-2939.aspx)   

So why is online banking "functional"?

We always wanted our new site to be a centre for knowledge, but with finance/money in particular, you are dealing with both absolutes and arbitrary circumstances. Put another way, everyone is different and as such, they have different information requirements (and the subjects can be broad - from tax returns to children, retirement to shopping). But no matter how niche the individuals circumstances, it all ultimately comes down to outgoings and income.

Online Banking allows us to monitor that income and expenditure statement, with actual data. You can see your balances, your transactions and you can graph out your expenditure dependent on how you tag up your statements.

So why do Online banking?

As a functional project, it seemed obvious that this sort of functionality could and would help people. The technology is exciting, but not unique. We partner with www.yodlee.com, mainly in the US (www.mint.com, www.moneystrands.com), whilst www.wesabe.com (also US) does a similar thing but on different technology. So our challenge was although this was relatively new in the UK, we wanted it to feel more unique.  

So how will it be unique?

Our plan is to start to marry up this actual data with our user's profiles and behaviours over the coming months. This will allow us to connect people through shared interests or goals. Once "connected", we can then allow people to benchmark against people with similar profiles. Then they can learn, and then they can improve. Hopefully those very same people will then help others. On and on we go attempting to help as many people as possible with their everyday finances.

Online Banking is in its infancy, so if you want to try it,we would love to hear what you think, how it can be improved etc. Is there a way it can be more functional? Is there a way it can tie in to the rest of the site and offering to give our customers more power in getting more from their money?

As for the future of functionality on the site, this is the first of many exciting builds we will be doing in 2010. We want to be the most innovative financial site in the UK. We realise that seems like a big boast, but when people ask if we are passionate about finance, I always reply that some people at the company are of course passionate about finance (our advisers, our editorial team, etc). I would like to feel everyone understands how important finances are. However all of us are passionate about the web, about building products that can be used to better our lives. So our challenge next year is to continue to embrace "functional". I would tell you what we are going to do, but who knows, perhaps one of those price comparison sites out there may steal our ideas...