Gleaned from a Tweet made this week, Bank Innovation has discovered that SpotBanks is approaching its official debut to the public.
Though features aren’t quite functioning yet, SpotBanks has lost its beta stamp and added some tabs that reveal hints of capabilities that seem to center on better equipping consumers with more knowledge about their possible/current banks. SpotBanks’s mission statement touts that it “empower consumers with tools and information to make informed personal banking decisions and drive change where change is needed.”
Practically speaking, it seems SpotBanks will offer users a number of ways to achieve a schooling in financial services. Take its search-for-local-banks–by-ZIP-codes tab. Once a financial institution is found through a search, a user can click on the bank or credit union to get its backstory – including how many complaints are filed against the institution, and which of its offers rank highest amongst other community approval users.
The key to success, much like Bank Innovation itself, will be the community. I, for one, am an advocate of shopping resources and will be curious to see how the public embraces this new tool.
We expect SpotBanks to monetize its service, at least in part, by selling the leads it produces through the site.