Large or Small, PFM Can Drive Change In The Retail Banking Industry

A post yesterday on the Information Week website caught my eye. It highlights the need to start thinking of PFM as a cornerstone to an Online Financial Management (OFM) strategy. Here are some highlights:

Point #1

FIs must not only invest in upgrading their existing PFM tools to include all these functions (budgeting,expense categorization, cashflow) but take the logical step of incorporating advisory and social networking capabilities to arrive at a well-rounded OFM offering.

Point #2

By integrating this into the trusted environment of their Internet banking channel, FI’s can steal a march over third party sites, which although popular for their PFM tools do not inspire customers with the same feeling of security (or trust).

Point #3

Sooner rather than later, FIs must deliver OFM over all channels to fulfil the expectations of their retail, SMEs and Corporate Banking customers.

Point #4

FIs must also enhance the analytics in their tools to enable customers to make a wider variety of decisions with confidence. In the process, they will also benefit from keener insight into their customers’ needs (and engage consumers in more relevant ways).

Right now, smaller financial institutions have a remarkable opportunity to leverage technology to enhance service and trust. Not only can you leverage PFM and OFM to retain relationships, you can actually grow greater share of wallet and improve satisfaction. Not sure how to get started? Just give us a call.