Product Type: Market Research Report
Published by: TowerGroup
Published: February 2006
Product Code: R301-826Description Many institutions offer cash management accounts and online bill payment capabilities to facilitate day-to-day spending transactions. A basic problem for customers in managing their cash is that they receive employment income in regularly scheduled, even amounts, whereas expenses often come at varying intervals and in erratic amounts. Yet few institutions discuss the intricacies of budgeting or ways to use the cash management tools to better manage spending. TowerGroup is unaware of any tool that uses the concept of escrow to deal with the problem of sporadic expenses. This TowerGroup ViewPoint presents a vision for using online bill payment with a set-aside account as a wealth management tool to facilitate wealth creation through a better balance between present and future spending.Table of Contents - TowerGroup Take-Aways
- Report Coverage
- Background
- Online Banking and Bill Payment as a Wealth Management Tool
- Exhibit 1: Transforming Online Bill Payment into a Wealth Creation Tool for the Masses
- The Accounts
- The Wealth Creation Opportunity
- Online Bill Payment
- Spending Estimation Exhibits, Report, and Tools
- Concept in the Context of Behavioral Finance
- Wealth Accounts
- Payment Depreciation and Decoupling
- Benefits and Costs
- Summary
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