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Syndicated Sample Report

Personal Finance Management (Part 1): What Consumers Really Want from PFM

Audience: Financial institutions: Ecommerce, onlineand mobilebanking and marketing strategists, payments processors and billers, credit and debit issuers Vendors: Onlinebanking platform providers, onlinebanking vendors, onlinebanking marketing Others: Personal finance websites

Authors: Mark Schwanhausser, Senior Analyst, Multichannel Financial Services John Kenderski, Research Associate

Contributors: Mary Monahan, Managing Partner and Research Director Beth Robertson, CCM, Director of Payments Research James Van Dyke, President and Founder

Publication Date:

November 2010




39 pages 23 charts/graphs


Although the recent “Great Recession” has caused millions of Americans to tighten their belts financially, nearly one out of five consumers are financial sleepwalkers who do not monitor or manage their personal finances — more than double the rate in 2009. This response to financial stress is natural, but it reinforces the need for the financial services industry and technology vendors to develop online and mobile personal finance management (PFM) tools that can give Americans a sense of financial control and restore consumer confidence. Javelin identified and analyzed four types of money managers based on the way they monitor and manage their finances: paperandpen managers; online balancecheckers ; desktopPFM users who use software like Intuit’s Quicken and Microsoft Excel; and webPFM users who use PFM tools at a bank, credit union or a personal finance website like Mint. So far, adoption of WebPFM has been limited, but that will change if financial institutions and technology vendors deliver PFM tools that 1) redefine online banking by installing PFM at the heart of the user experience; 2) consolidate all of a customer’s accounts, including those held at outside financial institutions; 3) serve up realtime data; 4) automatically categorize spending and saving data; and 5) exploit the power of PFM on mobile devices.

Primary Questions

  • Which consumers are hungriest for PFM tools?

  • What are the building blocks for constructing marketleading PFM capabilities?

  • How important is it for banks and credit unions to present a financial snapshot that includes data for accounts held at outside financial institutions?

  • Are consumers willing to provide login credentials and passwords in order to see all their financial accounts in one place?

  • Do consumers trust banks more than they trust personal finance websites to keep their login credentials safe?

  • What is the return on investment (ROI) from PFM?

  • What are specific ways that PFM tools can enhance revenue opportunities, lower operating costs or reduce identityfraud losses?

  • Why is PFM critical to a financial institution’s mobilebanking and payments strategy?

T +1 925 225 9100 F +1 925 225 9101 4301 Hacienda Dr. Pleasanton, CA 94588 USA inquiry@javelinstrategy.com www.javelinstrategy.com

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