Fiserv recently announced a new online banking product that integrates online banking with personal financial management tools.
The product, called Corillian Online, was officially announced at the end of January and since then Fiserv has a number of credit unions in the process of going live with the product.
The product was developed based on consumer research conducted by Fiserv.
"What we found was that Gen Y doesn't want to dig deep into the application. They want a straightforward process with the task they are looking for front and center," said Geoff Knapp, vice president of online banking and consumer insights.
The feedback is what drove Fiserv to create a simple product that is broken down into various personal finance management tools on the home page screen. The product has an account balance section, a my spending section for users to see where they are spending their money, a future transactions section and a schedule payments and scheduled transfers section.
The research Fiserv conducted branched across all age demographics from Gen Y to Rangers and across economic statuses. Knapp said that there has been a dramatic switch over the past few years in the type of consumers that use online financial services. It used to be mainly wealthy, older consumers, but now the majority of users are Gen Y and Gen X consumers with more limited income.
"These consumers have limited experience with traditional banking. The wealthy, older consumers were comparing online banking services to traditional banking. Now online banking is being compared to other online services like Amazon, Facebook and Google."