ROUND 1: Account Aggregation

Users have to sign into multiple sites to stitch together a complex view of their finances.

Every bank and credit union wants to o�er the primary financial application — the one their account holders put on their home screen.

Here are three keys that online and mobile banking providers, along withthe financial institutions they serve, need to follow to knock out the competition.

3 Keys To Win the Title of Primary Banking Application

BATTLE OFTHE APPS

WITHOUT ACCOUNT AGGREGATION:Users sign into one place to see everything.

WITH ACCOUNT AGGREGATION:

AGGREGATION IS THE MOST VALUED FEATURE OF A MOBILE APP:

A WORD ABOUT AGGREGATORS...

If a connection breaks or becomes deficient, the end user can’t see their current account data.

This way connections can be rerouted and the end user can continually see their most

current account data.

SCORECARD: Round 1

Without multi-sourced account aggregation, your users will log into your competitor’s app instead of yours to see all their finances.

You’ll be knocked o� the home screen!

ROUND 2: Auto-Categorization

Users have to manually categorize each transaction to figure out their

spending habits.

WITHOUTAUTO-CATEGORIZATION

WITHAUTO-CATEGORIZATION

Transactions are automaticallycategorized so users can instantly see their

spending habits neatly organized.

ACCENTURE SAYS UNLESS DATA CATEGORIZATION IS AT LEAST 85% ACCURATE, IT WILL BE TOO MUCH WORK FOR USERS AND THEY WILL STOP USING THE PRODUCT.

YK - 540

TK - 421 TK - 421

YK - 540

YK - 540

YK - 540

SCORECARD: Round 2

Above 85% accuracy wins!

ROUND 3: User Interface

Most mobile banking apps look likethey came straight out of last decade.

OUTDATED, CLUNKY DESIGN

Users expect an experience that rivalsthe one they get from Apple and Google,

and they’ll go where they can get it.

CONTEMPORARY, SLEEK DESIGN

VERSUS>

>

>

USERS DEMAND BETTER MOBILE BANKING% who say mobile banking was important in switching banks:

23%

41% 44%

2010 2011 2012

60%

2013

"THERE ARE THREE RESPONSES TO A PIECE OF DESIGN – YES, NO, AND WOW! WOW IS THE ONE TO AIM FOR."

-MILTON GLASER

SCORECARD: Round 3

Better UI wins!

K.O.

Don’t get knocked out of the ring. O�er an app with multi-sourced aggregation,

accurate auto categorization, and contemporary design.

O�er an app with muscle.

MX.com

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MELLSCARGO

VERSUS

Features Ranked as “Highly Valuable” in a Mobile App

52%

62%

75% View all your finances in one place

Remote deposit $

17%

32%

43%

Pay another person (P2P)

Enroll a new bill payeeby taking a bill photo

Make an appointment

Video chat with banker

in a nearby branch

Source: Celent

IN ADDITION, 81% OF ACCOUNT HOLDERS LOG INTO MOBILE BANKING TO CHECK THEIR BALANCES—FAR MORE THAN ANY OTHER ACTIVITY.

$

Source: Bank of America: Trends in Consumer Mobility Report

Multi-sourcedaggregation wins!

Data

85%DATA CATEGORIZATION ACCURACY

Source: Alix Partners via The Financial Brand

2/20/14 Costco Shopping Checking $276.39

2/20/14 Costco Shopping Checking $276.39

2/20/14 Costco Shopping Checking $276.39

2/20/14 Costco Shopping Checking $276.39

2/20/14 Costco Shopping Checking $276.39

2/20/14 Costco Shopping Checking $276.39

2/20/14 Costco Shopping Checking $276.39

6529 Costxo WHSE #9076

sf store#4537 Chipotl

-mav convenienc7334

juicen java xxxx-7826

ATT tranbill 398rxjs

87orbi carmax ints

flower ftd.com 39--x

2/20/15

2/20/15

2/20/15

2/22/15

2/22/15

2/24/15

2/24/15

$72.89

$6.59

$55.09

$7.33

$65.12

$276.39

$29.03

Date Original Transaction Feed Transaction Amount

ACCOUNTS

SAVINGS

CHECKING

CREDIT

$2,456

$1,433

$663

BUSINESS$2,322

MY ACCOUNTS

MELLSCARGO

Most aggregators rely ononly one data provider

The ideal aggregator relieson multiple data sources

2/20/15 Costco Groceries Checking $72.89

2/20/15 Chipotle Fast Food Checking $6.59

2/20/15 Maverik Gas Checking $55.09

2/22/15 Juice’n Java Co�ee Checking $7.33

2/22/15 AT&T Utilities Checking $65.12

2/24/15 Carmax Shopping Savings $276.39

2/24/15 Ftd.com Gift Checking $29.03

VERSUS6529 Costxo WHSE #9076

sf store#4537 Chipotl

-chevr convenienc7334

juicen java xxxx-7826

ATT tranbill 398rxjs

87orbi carmax ints

flower ftd.com 39--x

2/20/15

2/20/15

2/20/15

2/22/15

2/22/15

2/24/15

2/24/15

$72.89

$6.59

$25.09

$7.33

$65.12

$276.39

$29.03

Date Original Transaction Feed Transaction Amount

2/20/15 Costco Groceries Checking $72.89

2/20/15 Chipotle Fast Food Checking $6.59

2/20/15 Chevron Gas Checking $25.09

2/22/15 Juice’n Java Co�ee Checking $7.33

2/22/15 AT&T Utilities Checking $65.12

2/24/15 Carmax Shopping Savings $276.39

2/24/15 Ftd.com Gift Checking $29.03

ACME

ACME

Inncorrect Password. Try Again

Inncorrect Password. Try Again

ACME

Once online banking providers, mobile banking providers and financial institutions implement account aggregation and auto categorization, it is important that they

display that information in simple yet immersive ways to create the most engaging user experience. This is why Round 3 is so critical: User Interface.

If you’re already one of the best contenders out there – whether it comes to online banking, mobile banking or being a cutting edge financial institution – putting on anything other than MX gloves to K.O. the competition and win account holders

won’t pack enough punch.