Scraps of paper and receipts in a shoebox have been replaced by the scraps of paper recording passwords for websites with customer bank, credit card, mortgage, utility, retirement, stock portfolio, student loan, and social media currency accounts. With the movement to digital accounts, paper bills, receipts, and statements have been replaced by e‑mails, SMS text and in‑app messages to smartphones, and automated customer relationship voicemail messages.
Personal financial management (PFM) has come a long way—from Managing Your Money and Quicken 98 to Mint and the proliferation of branded apps from every retail bank, credit union, insurer, and ambitious fintech start‑up.
With smartphone data bandwidth getting cheaper and the semantic web data mapping users’ transactions, locations, lifestyles, and digital identities, financial services have grown more complex and can leverage behavioral economics to become augmented financial management coaches and optimizers.
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