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Delivering a Digital PFM Solution: One Bank's Journey

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.

Read the full story here.