Banks and credit unions can now engage consumers with real-time, personalized “nudges” to improve their financial decision making and financial well-being
"Your bank may even partner with a tech company like MX to provide digital money management tools — including letting you set goals and project your cash flow."
Alex Carriles of BBVA Compass tells American Banker how their mobile personal finance management (PFM) usage has shot up with MX.
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.