2011: The Year of Personal Finance Management Tools

Mark Schwanhausser of Javelin Strategy and Research recently predicted that 2011 will be a banner year for personal finance management (PFM) tools. Schwanhausser notes that the ideal PFM tools will be integrated from bank log-in and give users an overview of outside accounts.

He writes:

“Bringing PFM out of the shadows of a tab will require a new type of thinking at most FIs. The payoff is that FIs have an opportunity to change not only how customers think about their money but also to expand the role of the FI as their primary financial portal. Currently, FIs focus the online experience on accounts and balances. But smart PFM can expand the “conversation” to touch on bill pay, transfers, financial alerts, spending categorization, financial goals and more – all from the log-in.”

Do you offer PFM tools? If so, where are these tools located on your Website? Let us know in the comments section below.

Written by Banking.com Staff