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June 28, 2024 | 20 min read
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Consumers are increasingly looking to financial service providers for help managing their money and building financial strength. There’s no shortage of personal financial management tools and budgeting apps available, so why do most consumers not use them?Â
Very few consumers actually want to take a hands-on approach to managing their finances. The majority of the market wants to improve their finances and make better decisions with their money, but don't want to do the work. They want automation, not spreadsheets. They want nudges, not analysis.Â
So how do we create a PFM tool that appeals to both spreadsheet-loving super users and those who want a simpler approach?Â
Personal financial management (PFM) tools designed for the majority of consumers should be built with these 4 imperatives in mind:
What’s the bottom line? Financial institutions, fintechs, and big techs need to enable lasting behavior changes with easy-to-use tools and actionable insights that work for their life. Those who get PFM right will win, serve, and retain consumers for the long-term.
Check out this blog post to understand more about what is Personal Financial Management (PFM) and why it's important.Â
June 28, 2024 | 20 min read
June 28, 2024 | 19 min read
June 28, 2024 | 19 min read