Tower Touts PFM Uptake
Tower FCU said more than 11,000 of its 122,000 members have begun using their credit union’s online personal financial management offering in the 18 months since it launched.
The $2.4 billion Laurel, Md., credit union, the state’s largest, is using the FinanceWorks solution from its online banking vendor, Intuit Financial Services of Calabasas, Calif.
The PFM integrates data from the credit union’s own Fiserv Spectrum core processing system and account information from more than 18,000 other financial institutions and creditors to provide a complete financial picture, Tower FCU said.
“Our members are sophisticated individuals who know the level of planning they need to achieve their financial objectives,” said Christine Bouma, eServices product planner at Tower. “FinanceWorks helps them do that, from major considerations such as college savings and retirement, to everyday transactions. Members can even allocate funds from one transaction to multiple expense categories such as the amount spent on food vs. fuel at a gas station.”
Bouma said Tower’s adoption rate is more than twice the 3% “national average for bank customers who use a PFM tool.”