There was a great article about this in .net magazine a few months back where they got a few designers to have a go at it.

We have just completed a project to provide daily factsheets based upon data held in a database. One click and Mr Fund Manager has all the information he needs about a fund. Another click and Mr IFA has a recent document to show his clients. Voila!

Before that, we were creating factsheets manually and quarterly! We’re now saving $500k a year across Europe.

So, in short, it is happening, but it’ll be an extra cost for banks to do it for you and me. After all, Mr Fund Manager invests billions!

Tell me where to sign up and I’m there. Brilliant idea.

From my own work I know that several major brands are planning moves in this direction, but for me I wonder if we also need to support the person-centred part of it.

What I mean is, is it best that this is provided top-down by the service providers, or can consumers also own and participate in this with their own tools?

I think it will come down to who owns the data, and
how accessible it is, but in the same way that people are beginning to measure their own energy useage at home with their own devices, at the edges of the network, I wonder if the same will happen in financial services?

No particular way is best. Top down can be clumsy and ill suited and shoe-horn us all into the same box. Bottom up is all well and good but only really works if you can access the core stuff (the data, the services).

So we need both, IMO. We need the big boys and girls, the brands and service providers to come towards the middle ground, AND we need people to take emotional and physical ownership of their useage, their behaviour and their data, ideally enabled by useful stuff – apps, tools, whatever.

It could/will/might be wonderful.

I suppose it’s all about embracing the idea that data can be de-coupled from an individual and their single little window on the world and be collected together to help everyone see where they fit in the bigger picture.

I want to see how my spending compares to other people like me and if I’m spending less I’d like to share how I’ve managed it. If I were to be shown that my utility bills are higher than other people living as part of a family of 4 in a Victorian terrace in Brighton I’d then be able to switch – and I’d feel pretty pleased with my bank for helping me out.

I’ve already designed this interface in my head – so if there’s any banks out there listening, just give us a call- we’d love to help you socialise :)

Banks are not doing nearly enough to cater for their customers online. They have taken their inhouse tools and let the customers access them, which is great for checking statements and making transactions but completly lacks anything that is more useful to the customer than it is to the banks.

I have been told that there are a couple of American banks with really good online offerings, so perhaps it will filter over.

Whichever bank first begins to “get” the online space will get my money.

As banks have this information automatically, I agree, it could be a great feature. They wouldn’t be able to track cash spending, but how much cash do people use nowadays anyway….