Version 4.0 includes enhanced and easy-to-use tools that empower every individual to choose the financial products and services that work best for them.
MyBankTracker also unveiled an Awards features that selects "Best Of" for banks and products by category. The rating factors include consumer reviews, bank health, rates, and more, and will provide unmatched transparency and insight into the banking industry.
MyBankTracker features editorial content, tools that help consumers compare and shop, and forums where users can learn about and compare various banks, ask questions, and post and read reviews. The platform currently compares more than 30,000 accounts from over 6,000 banks and credit unions, reaches 1.5 million new customers a month, and is growing fast.
MyBankTracker decided to shift the focus of its platform after receiving feedback from users that the tools dramatically improved their ability to navigate the often-confusing and overwhelming banking space.
With this latest release, MyBankTracker puts product recommendations front and center. A simple quiz helps users discover the best bank for them, as well as receive smart recommendations for checking and savings accounts, credit cards, mortgages, CDs, brokerages, and auto loans.
The platform factors in thousands of data points and MyBankTracker’s deep financial expertise to make personalized recommendations based on the needs of each consumer.
"For the first time in the industry, we are presenting things in a way that allows consumers to feel confident that they are making the right banking relationship, beyond rate," said cofounder and CEO Alex Matjanec. "We are here to ensure that you match the right bank, save the most money, and have a good relationship with the bank, regardless of what product you are trying to open."
An AOL study found that 60% of people still choose banks based on friends and family. Moreover, Millennials are wary of banks, and this has a dramatic impact on their banking habits.
According to the Millennial Disruption Index, 53% of Millennials don’t think their banks offer anything different than other banks and 30% are open to switching banks in the next 90 days. Across the board, customer loyalty to banks is low and customers will quickly switch if they find that their bank does not meet their unique needs.
With the relaunched platform, MyBankTracker makes it easier for consumer to gather essential information and compare relevant options. For example, if mobile banking is a priority, than MyBankTracker would display a list of banks that stand out for their mobile offerings.
In addition, the new Quarterly Awards will show users which online banks, regional banks, national banks, credit unions, and more earn the best rankings from MyBankTracker’s team of experts.
