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RBC Launches myFinanceTracker PFM. Strong Start or False Start?

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Celent have reviewed this profile and believe it to be accurate.
15 June 2010
Jacob Jegher
I am always excited when a bank launches an innovative product. RBC (in Canada) recently announced the launch of myFinanceTracker. RBC is "using the services of a California-based online financial solutions company" to offer the solution. To my knowledge, RBC is the first Canadian bank to offer PFM. It is a great move on their part and testament to where the online banking market is headed. RBC has, however, committed a false start by deciding not to include account aggregation capabilities in the launch (see "Can I View All of My Accounts Simultaneously in myFinanceTracker?"). Potentially interested customers who try the service will be frustrated by this. Many of them have multiple accounts (including cards) at a variety of institutions, and the ability to view their complete financial picture is a must. Once an online user is turned off, it will be very difficult to turn them back on, even if/when account aggregation is introduced. Throw in a few potential competitors (non-banks, or other Canadian banks that follow suit), and the ability to capture the customer's PFM needs and precious customer data may be lost. I will be exploring the role of PFM in online banking in an upcoming Celent report - stay tuned!

Comments

  • [...] Jegher, a Celent analyst writing in his company’s blog, points out what he sees as a significant shortcoming to myFinance Tracker. “RBC has committed a [...]

  • RBC may be the first bank to offer a PFM but all it really is are cute animated pie-charts and alerts when you spend a certain amount. My CIBC credit card did that but didn't claim to be any more than that (okay, so the pie charts on my statement weren't animated).

  • [...] May 31, 2010: RBC announced its myFinanceTracker solution (see blog entry here) - Dec 3, 2010: Mint.com officially launches in Canada - January 31, 2011: BMO announces [...]

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