STAR Financial Bank, with more than $1.6 billion in assets, announced Friday the launch of personal financial management tools into its digital banking offerings.
The Fort Wayne, Ind.-based bank is using software from MoneyDesktop to allow its digital customers to aggregate their financial accounts into one place where they use various tools to view their budgets, categorize and track spending, and print and email specific transaction information and/or financial reports.
The PFM offerings, which the bank is branding as "touch," are free to online banking customers.
Historically, active usage of PFM tools by banking customers has been low industry wide. Some pundits cite poor marketing of services by banks as one reason why usage of the services has performed poor.
STAR, meanwhile, is touting its new PFM offerings via an advertising campaign that includes television, movie theater commercials and online ads. Additionally, the community bank has purchased 150 iPads and is equipping some of its bank branch employees with the devices to showcase the touch technology to consumers.
"PFM is not a well-known phrase," says Kristin Marcuccilli, vice president of strategic planning and marketing. "We have focused on describing and demo-ing the tool."