Personal Cash Management Services: The Coming Convergence
|San Francisco, CA, USA July 13, 2005
Celent reveals that bill payment processors, online banking providers and third party technology vendors all have plans to offer a full suite of applications that enable banks to offer a holistic set of financial management and payment services that Celent terms Personal Cash Management Services (PCMS).
In a new report, " ," Celent describes the business drivers behind Personal Cash Management Services (PCMS) and how the various components underpinning the service come together. When examining bills pay trends, we found that convergence is the next wave. The new generation of online banking services to be rolled out within the next year will uniquely combine funds transfer, aggregation, personal financial management (PFM) services and bill payment.
According to Dan Schatt, senior analyst at Celent and author of the report, "The rise of PCMS stems from underlying industry drivers that stress control, customer-centric services and revenue-generating opportunities. As a result, we see new competitive dynamics emerging as banks exert further control over their cost structure and revenue. This will encourage new alliance structures among processors and email providers, credit scoring companies and PFM Lite application providers and we will likely see more direct competition develop between CheckFree and a host of online banking service providers to become the full provider of PCS Services."
Among the key findings:
The 54-page report contains 24 figures and 4 tables.
A table of contents is available online.
of Celent's Retail Banking research service can download the report electronically by clicking on the icon to the left. Non-members should contact firstname.lastname@example.org for more information.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
San Francisco, CA, USA July 13, 2005
Personal Cash Management Services
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