In the old proverb, the monkey is struggling to try and get a nut out of a milk bottle. It can slip its hand in and grab the nut, but once the reward is in its balled-up fist its hand is too large to be removed from the bottle. The creature struggles on and on before finally letting go and turning the bottle upside down to let the nut fall out. The moral of the story is that letting go sometimes is the best way to realize a reward, and I believe we can learn something vital here about IFMs, or interactive financial messages such as alerts, prohibitions and review and release controls that allow bankers to be rewarded by letting go of their controlling nature.

Much evidence shows that customers want more control of “their” financial accounts, and with new technologies IFMs are the natural way to profitably deliver on the demand. Growing use of mobile, email and real-time capabilities make IFMs of increased importance to financial and payments firms. Banking and payment executives should make a plan for successful IFMs before their competitors do, to get their hands on the reward while their competitors still have their fists stuck in the bottle. I assisted Bruce Cundiff with his upcoming report on this subject (IFMs, not nuts or simians), and it’s a great one.

IFMs will be big-mark my words. What’s the reward? Only adoption, loyalty, marketing communication channels, and reduced expenses. Watch our newsletter for an announcement on Bruce’s new IFM report.