The promise of Personal Financial Manager tools (PFM) for banks has been long predicted but slower to be adopted by customers.
This has been a natural outcome because most if not all banks have taken the route of purchasing or partnering with software suppliers. The result has generally been as highlighted in this American Banker piece that PFM exists in a separate tab within online banking.
With most customers used to going straight to bill payment or transfers it is only natural that the PFM tab will get less use. Regions bank have introduced charts from their PFM offering that appear on the OLB home page.
To read the whole article goto:
About Colin Henderson
I’ve always been in banking, working in the UK, Canada, and the US. More recently I co-founded CommunityLend that offers sales financing in Canada.
The views, opinions, and information within this blog are my own, and only my own. I see this blog as an extension of my own learning, by working with the internet community.
I believe in the power of the internet, because it empowers customers, like nothing that has ever come before it. Its easy to underestimate this change, because its beyond the experience of all of us to date. Internet provides choice, seamless information, seamless communication, and constant simple access. Nothing in human experience has brought those attributes together before.
I believe that Bank channel efforts ought to be first and foremost focussed on internet, and then levered across the other channels as that can be afforded. This is the reverse of how many Banks operate.
I also believe the business strategy has to be re-considered taking internet into account. To pretend internet is just “another channel” is a grave error, that most banks encounter. Internet is a highly disruptive technology, and presents a fundamental shift in how we offer banking to our customers.