|By Jim Bruene on November 20, 2012 11:31 PM | Comments|
The service is centered around myMoney Forecast, a real-time balance forecast shown at the top of the screen (see inset below). It's a vital PFM function that looks a lot like Simple's Safe-to-Spend.
But there is one significant difference. Key Bank users can make the forecast more accurate by manually entering Money In or Money Out transactions before they clear the bank (for example, a just-written check, see bottom of first screenshot). The bank automatically nets out any pre-scheduled bill payments, transfers, or ACH items and adds in recurring regular paychecks and transfers in.
The mobile app does not (yet) replace Key Bank's regular mobile app. Before using MyControl, customers must sign up for it within online banking.
Analysis: The introduction of MyControl Banking is a fantastic move. It delivers the key missing component of online banking, a peek at what's about to happen with cash flow, without making users slog through a bunch of PFM features they don't understand.
Because Key Bank's MyControl raises the bar in digital delivery, we are giving it our OBR Best of the Web award (note 2). We are also retroactively naming Simple as a co-winner since they commercialized a similar balance forecast earlier this summer.
Mobile checking & savings balance visualization with integrated transfer button (left) and goals (right)
Key Bank myControl Banking landing page (link, 20 Nov 2012)
1. This post was developed from info available within the app, in the product video at Key.com/mycontrol and in the FAQs. But I don't have an account at Key Bank, and there is no interactive demo yet, so I haven't used the service with live data.
2. Since 1997, our Online Banking Report has periodically given OBR Best of the Web awards to companies that pioneer new online- or mobile-banking features. It is not an endorsement of the company or product, just recognition for what we believe is an important industry development. In total, 88 companies have won the award. This is the first for Key Bank and Simple. Recent winners are profiled in the Netbanker archives.
3. For more on balance forecasting and other advanced PFM features, see our recent Online Banking Report: PFM 4.0 (June 2012; subscription).
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