NEW YORK, Feb. 8, 2016 /PRNewswire/ -- Summary
PFM has so far failed to greatly excite consumers. Early incarnations focused on little more than expenditure categorization and neglcted to offer meaningful insights to users. The latest generation of PFM tools are addressing these shortcomings by using data to provide relevant, contextualized insight and recommendations to users based on their particular circumstances.
- Discover why PFM has failed to gain traction in the past, and why new innovations mean that it will now succeed in winning over consumers.
- Learn about the ways in which PFM is evolving to bring greater insight and benefits to consumers.
- Understand how the latest applications of PFM can help banks to increase levels of customer engagement, loyalty, and goodwill.
Reasons To Buy
- What are the latest trends and developments in PFM implementation?
- Why has PFM failed in the past and how will new technology change this?
- What benefits will providers gain from offering the newest PFM tools that are starting to become available?
Budget-planning tools are using analysis of account movement to set weekly budgets for consumers based on their unique circumstances. Their emphasis on simple, easily understood metrics, together with the use of frequent alerts, maximizes their potential for influencing users' behavior and improving their money management skills.
Longer-term planning tools use complex data modelling to predict the impact of major financial decisions on future net wealth. User-friendly design will boost consumer adoption, and banks that use this technology will benefit from increased loyalty as they position themselves as "partners for life" for their customers.
Automated decision-making tools are emerging that will remove the need for consumers to make discretionary decisions altogether. Time-saving applications such as these will reduce the risk of consumers making sub-optimal choices and will bring about new opportunities for cross-selling.
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