Nov 09 2016

Beyond Personal Finance Management: Insights for Credit Unions


Personal financial management (PFM) is one of the most promising technology trends in banking. This report provides critical insights on this emergent consumer need. 

Bruce Cahan
Bruce Cahan
Urban Logic
Ben Rogers
Managing Director, Research
Report Number 408

Executive Summary

Scraps of paper and receipts in a shoebox have been replaced by the scraps of paper recording passwords for websites with customer bank, credit card, mortgage, utility, retirement, stock portfolio, student loan, and social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 With the movement to digital accounts, paper bills, receipts, and statements have been replaced by e‑mails, SMS text and in‑app messages to smartphones, and automated customer relationship voicemail messages.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.