In the past, Personal Financial Management (PFM) has been delivered as an ‘add on’ service, providing consumers with budgeting tools to organize and manage their money. While many solutions did a good job of categorization of expenses and some even provided great visual representations of activity, the solutions fell short of expectations from a customer experience perspective.
Today, consumers expect a digital money management solution that is personalized, integrated, engaging and intuitive. Done well, digital money management should be part of a larger suite of online and mobile banking services that will make a positive impact on a consumer’s financial life as well as a financial institution’s bottom line.
A successful solution should ultimately provide a way for banks and credit unions to win new customers and build better relationships with existing customers … by better understanding consumer needs and proactively making informed recommendations.