The Paypers Feature Article: Geezeo - online banking meets social networking

The online channel has revolutionised the way in which consumers connect to financial services providers, driving financial institutions closer to their individual customers than we would have believed possible ten years ago. This closeness is in itself a paradox, as it has nothing to do with physical distance (in fact, bank branches have been growing less popular by the year) and everything to do with the level of personalised services that internet-based banking users demand and receive from their banks.Consumers can now express their preference for specific types of services, and even

So, even if physical remoteness is now a state of fact as more Americans bank online, never have consumers been able to exercise such close control over the state of their finances: PFM tools and services are gaining ground and are quickly evolving from an integrated component of online banking portals into an independent brand of services (Mint.com is perhaps the most relevant example to date).

And even though a recent Javelin study has revealed that 71% of consumers currently trust the online services provided by their banks as opposed to 35% which prefer independent web-based personal finance management services, the situation can quickly change. Indeed, independent online-based PFM services have proven to be more flexible and more easily adaptable to consumer demand than their online banking-based cousins, as their smaller size allows them to comply more quickly with emerging, niche market demands.

Within this context, Geezeo emerges as a company who has taken a “best of both worlds” approach to online banking and PFM. Rather than stick with either one of the two options, the technology company has taken to developing and building online banking and mobile solutions for banks, credit unions and consumers that include PFM tools and services.

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