New product offerings require good due diligence. We understand it's a big decision. Here's a Business Case in support of partnering with SimpliFi. According to a January 2011 research study by Javelin, personal finance management tools enable consumers to gain greater control over their money, banks and credit unions stand to reap the following tangible benefits:

• Revenue Opportunities. PFM users desire various revenue-generating services such as overdraft protection, expedited payments and ID protection services. FI's also could pocket revenues by offering rewards from merchants and other partners. For example, about 83% of web-PFM users say they would like to arrange expedited payments through their bank, markedly higher than the 58% of consumers overall. About 53% of web-PFM users also say they are very likely/likely to sign up for overdraft protection, vs. 36% of consumers overall.
• Retention. PFM tools create a "sticky" relationship between the consumer and the FI. They also counter the threat from third-party PFM offerings such as Mint that commoditize banking products and frame the selection of banks in terms of rates and fees rather than service.
• Customer Acquisition. PFM tools incorporated at the heart of online banking will redefine consumers' online-banking experience and set a financial institution apart from its rivals.
• Lower Operating Costs. Javelin estimates that financial institutions could reduce operating costs by $8.3 billion by jump-starting online banking and bill-pay capabilities with improved PFM tools and other upgrades.
• Paper Reduction. Fostering the role of electronic money management will erode consumers' reliance on paper statements and documents and augment efforts to cut operating costs.
• Loyalty (and Politics). Customers who believe their financial institutions are allies that help them achieve goals will have little motivation to switch banks. Acting like a fiduciary by putting the customer's interests first has taken on new importance for FI's in this era of regulatory reform.
• Deeper Relationships. Consumers who desire PFM tools are attractive targets for deepening customer relationships because of the number and type of accounts they hold and the way they monitor and pay bills. Javelin data indicates that consumers who use web-PFM tools from banks, credit unions or personal finance sites make prime candidates for credit-card issuers that seek to increase their interchange revenue, lower their portfolio risk and increase the proportion of higher-income customers among their depositors.