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A List of Personal Financial Management (PFM) Providers in the United States

May 17, 2024|0 min read
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Our mission at MX is to empower the world to be financially strong. To do this, we work with financial institutions, fintechs, and other financial services providers to enable consumers to more easily connect to, understand, and manage their money. Our personal financial management (PFM) software and mobile banking solutions power many of the banking apps and experiences that consumers use every day.

So what is PFM? As we’ve shared before, personal financial management, or PFM, refers to the ways that consumers monitor and manage their personal finances. With the rise of digital and mobile banking technologies, PFM now broadly refers to a type of digital banking solution that helps consumers manage their finances online or through a mobile app. 

At its most basic, a PFM solution allows consumers to categorize transactions, view accounts from multiple financial providers in a single place (through account aggregation), understand their spending, calculate their net worth, and create or manage budgets. While many PFM tools are embedded within other digital banking platforms or mobile banking apps, there are several providers that offer dedicated PFM tools for consumers outside of their banking accounts. 

In this list, we provide a brief overview of several dedicated PFM tools or providers. This list is not a comprehensive database or a comparison of various providers. Instead, it's meant to give an introduction to each provider so you can research the details for yourself.

Top U.S. Personal Financial Management (PFM) Providers

Intuit Credit Karma

At the beginning of 2024, Intuit made the decision to shut down its stand-alone PFM app, Mint, and embed many of its most popular features into its free Credit Karma app. Credit Karma was originally developed by Intuit to give access to credit scores and credit reports. Now, with Mint features integrated, consumers can connect accounts to see expenses and account balances in one place, track their net worth, monitor their categorized monthly cash flow, and find opportunities to save money and navigate complex financial decisions. 

Monarch Money

Monarch Money is often cited as one of the best alternatives for former Mint users. Monarch is an all-in-one personal finance app on a mission to make better financial outcomes available to everyone. The personal finance app allows members to get a complete view of their finances, collaborate with partners, and plan for the future with financial management features like net worth, budgeting, recurring expenses, investments, goals, and transactions. 

Rocket Money

Rocket Money (formerly Truebill) is a budgeting app that helps consumers manage their cash flow, monitor spending, and set savings goals to take the hassle out of budgeting. It’s available as both a mobile app and an online platform, and allows consumers to sync with external bank accounts to track income, monthly bills, and other expenses easily. One of its key selling points is subscription management —it can instantly find and track your subscriptions, and it will even cancel subscriptions for consumers with its concierge service. It offers both a basic free version and a premium version. 

Simplifi by Quicken

Quicken calls Simplifi its smart budget app that helps you do more with your money. It’s a combination of budgeting and expense tracking. With Simplifi, consumers can create a budget, track spending, set savings goals, manage debt, monitor investments, and plan for retirement. 

YNAB (You Need a Budget)

You Need a Budget (YNAB) is a simple method and budgeting app that has taught millions of people to change their relationship with money. At its core, it’s a budgeting app that uses a zero-based budgeting system, asking consumers to make a plan for every dollar they earn, or in other words, give each dollar a specific job. YNAB also offers an ever-evolving list of helpful features, and a wealth of resources, including free workshops, videos, podcasts, articles, guides, a book, and award-winning customer support.

How MX Supports PFM Solutions

Finally, we want to highlight how MX supports PFM solutions and apps. While we don’t offer a complete out-of-the-box PFM app for consumers to use, our connectivity, data, and experience products power many of the capabilities and features within the PFM apps that consumers use everyday.

MX’s Personal Financial Management solution simplifies PFM for consumers from connecting all their accounts in one place, to best-in-class digital money management capabilities, to proactive, personalized financial insights. Here’s how MX helps financial providers create impactful financial wellness solutions:

  • Deliver personalized insights and recommendations to help consumers better manage spending, create budgets, increase savings, and pay down debt
  • Protect, guide, and inform consumers with AI-driven, predictive insights that make it easy for them to take action to reach their financial goals
  • Enable consumers to connect external accounts in a few simple steps and gain a more complete picture of their finances
  • Increase speed-to-market for financial institutions and fintechs with customizable widgets and out-of-the-box insights
  • Drive healthy financial behaviors and financial literacy with proven results and award-winning PFM solutions
  • Help consumers easily organize, track, and interact with their finances with automated spending categories and enhanced transaction data
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