Screenshots of the FI Dashboard, courtesy of Lodo Software
If you’re a user of Mint or a similar product, the latest move from Lodo Software, a provider of personal financial management (PFM) software for banks and credit unions, may sound familiar. At yesterday’s FinovateEurope conference in London, Lodo introduced the FI Dashboard, a cross-selling tool purpose-built to work with OurCashFlow, the company’s white-labeled Mint-like software. And here’s the familiar part: the FI Dashboard uses information captured by Lodo’s PFM to target those customers who are ripe for a particular marketing offer.
For example, Lodo’s press release states, a bank marketing manager can set the FI Dashboard to send a weekly message during February that promotes a CD to people who hold more than $10,000 in their savings account. Or they can send a one-time message about mortgage refinancing to high net worth customers whose current mortgage interest rates are greater than 6 percent.
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“Consumers want help managing their money, and banks are ideally positioned to be the trusted providers of that support,” said CEO Mark Vipond (left, photo courtesy of Lodo) in yesterday’s press release. “We’re committed to helping financial institutions launch PFMs that drive customer loyalty as well as incremental revenue through smarter cross-selling. That’s the purpose of the FI Dashboard.”
Accroding to the press release, Lodo’s Dashboard captures enriched data about PFM users including assets, accounts, transactions, budgets, savings goals and spending activity. The software organizes and analyzes the information, allowing financial institutions to precisely target the customers who are most appropriate to receive a product or service offer.
Read the full press release: “Lodo Launches PFM Cross-Selling Solution at Finovate.”
Learn more about Lodo software and OurCashFlow in our August 2010 article: “Lodo Software raises $500,000, signs on major customer.”
See photos from FinovateEurope on Flickr (none of which, unfortunately, capture Lodo presenting): “Finovate Conferences’ photostream.”
As someone who recently closed their Mint account down for lack of use, I’d be open to trying a similar service being provided by my financial institution, especially since my institution is already inserting ads into my bank statement.
Screenshot of an ad in my online bank statement, which is not powered by Lodo’s OurCashFlow.
