It’s a Nice Day for a White Label

Bank Technology News | August, 2010

Suncoast Schools Federal Credit Union has selected Geezeo to provide a PFM solution and integrated marketing platform as institutions of all sizes work to incorporate user-directed financial management into their web banking platforms.

The largest credit union in Florida and the eighth largest in the United States with about 500,000 members, Suncoast will integrate Geezeo’s mix of financial management tools into its Web banking platform, a move that’s becoming increasingly popular as banks look to offer PFM tools to budget conscious consumers. Forrester recently said about 50 percent of banks are interested in PFM, with BBVA—which used Strands’ technology; and BofA—which used Yodlee’s technology—being among the high profile deployments thus far.

“[Geezeo’s PFM service] will have the same look and feel as the [Suncoast] online banking platform and their customers will be able to navigate between the two for a seamless experience,” says Shawn Ward, a co founder of Geezeo.

The success of firms like rival Mint and Bundle has increased the popularity of PFM as a companion or added service to online banking. A recent Fiserv study found that that 68 percent of users of PMF sites in the past 90 days accessed the site from online banking, more than double the percentage that reported using PFM software or a third-party Web site.

Geezeo, which has focused on signing white label agreements with institutions for the past year, says its own recent internal research found that about 90 percent of users wanted to access PFM from their bank or credit union.