If a picture is worth a thousand words, what’s a Flash demo worth? Even though we go to great lengths to describe innovative new services, it doesn’t really sink in until you’ve personally sampled it. To loosen the cobwebs, we recommend a hands-on session running an innovative online service through its paces. If you need ideas, see Table 2, below. These are the innovative services we’ve selected each of the past six years. You can find more information about each by consulting the appropriate OBR back issue.

Table 2

OBR Thinking Exercises

1999 through 2004

Source: Online Banking Report, 9/04

2004 Exercise:
Integrated Account Aggregation

Direct banking pioneer Everbank (Jacksonville, FL; $2.7 billion) has raised the bar again with its new online banking platform (screenshot left). There is
much to be learned from its implementation, the culmination of three years of effort. We’ll be reporting on it in depth in an upcoming report. But don’t wait for us to tell you about it. Get out a pad of paper, study its website, and take notes. If you really want to see it in action, you’ll need $1500 to open an account, and you’ll need to wait a week for your paperwork to be processed. Either way, pay special attention to the degree of integration occurring with the account aggregation technology.

Time Needed:

-          60 to 90 minutes

Material Needed:

-          paper for note taking

-          (optional) $1500 to fund an initial deposit

-          (optional) username/password for at least one outside account to aggregate at Everbank

Instructions:

1.       Visit the bank  www.everbank.com

2.       Navigate to online banking demo and follow the instructions. Optional: Open an actual account ($1500 needed). Note how Everbank’s account opening process works compared to yours; jot down ideas for improvement.

3.       Observe how the bank displays its online banking options. Pay special attention to how account aggregation plays a role throughout the service.

4.       Finally, look closely at the boxed content on the right. Note the features and functionality and think about what you would put in a similar box within your online banking application.