Delta Community Credit Union and Wesabe announced a partnership on Apirl 28th to deliver Wesabe’s SpringboardTM to DCCU members. Springboard, as the press release explains, “… gives consumers a “smart” dashboard view of their account data and personal finances – guiding them towards value, savings and goal completion, and away from poor financial decisions.”
I’m not familiar with exactly how DCCU and Wesabe’s new toy works or how good the tools and personal finance information really are. But it sure sounds as if the partnership will address two major issues that are important to young adults like me.
- Ease of use – Budgeting software and other money management tools can be very complicated and difficult to use. (This is a major reason we developed EasyBudget for MoneyMixTM… to simplify budgeting for young adults.) Often times budgeting software contains confusing options, loads of irrelevant input fields, and unfamiliar jargon.
Human error also makes things interesting. In my experience using budgeting software, I’ve often wondered if I’ve entered the correct information and how accurate projections really were. I’ve also experienced the joy of watching errors pop up as I reconcile the software with my online account… not a good feeling after painstakingly entering in your information.
The solution here is to offer simple instructions, relevant guides, and pull account information directly from the credit union. My understanding is that DCCU & Wesabe’s collaboration will make this happen.
- Accessible to me - I’m part of the Gen Y crowd that’s “always” connected to the internet (remember, not all of us are internet junkies). Online banking has always appealed to me. Even though there haven’t been any security breaches yet, I’ve never really trusted online budgeting Web sites… I’d prefer to keep my finances firmly planted behind the firewalls of my credit union.
A partnership such as DCCU and Wesabe engenders trust because, as far as I’m concerned as a user, the tools are part of the credit union.
Even if I were to use a site to help manage my finances, I still need to log into my account and make adjustments. Integrating my online account with personal finance tools means I’m more likely to actually do what the tools suggest. I’m one step closer to clicking a button and acting upon my decision.
So, Springboard sounds great on paper and there’s a lot of potential. I’ll be anxious to hear how well this works for DCCU. I certainly applaud them for offering the service to their members. It’s the kind of service that will appeal to young adults and impact other demographics as well.
At the very least this partnership demonstrates that integrating real-time money management with personal finance tools is possible, and it’s only a matter of time before someone perfects it.