Omnichannel sales and servicing
Personal Finance Management Solution
PFM is an advanced online Personal Finance Management (PFM) solution that enables bank’s online banking clients to manage their finances:
- By keeping track and making analyses of personal income,
- Through automatic categorization of all transactions,
- By making plans about spending and income,
- Through receiving financial help and recommendations.
The solution’s basic function is gathering information about bank’s clients and presentation of personalized offers and messages based on the collected data. PFM also has a strong selling function because some components of the solution are intended for evaluation of the client’s payment capabilities and offering of products and services which are compatible with the client's preferences.
PFM is an innovation in retail financial services and an important part of next generation online banking services.
- Intuitive user interface
- Simple integration with the bank’s IT environment
- Simple integration with mobile channels
- Encouraging use of Internet and mobile banking
- Gathering information about clients and competitors
- Increasing loyalty of the existing and attraction of new clients
- Input, overviews, and categorization of all transactions (income, spending, investments), from and outside the bank,
- Analysis of income, spending and investments according to categories,
- Information about assets and related credits, and planned investments,
- Self-defining of categories and subcategories for income, spending, and assets,
- Defining of notification parameters,
- Creation of reminders,
- Plan realization monitoring,
- Calendar of future income and spending,
- Overviews by categories and through defined periods of time,
- Support for mobile devices/mobile internet,
- Creation of user reports,
- Multilanguage support,
- Multicurrency support.
Loyalty and stronger relationships with clients
- Instead of being just a financial products and services provider, the bank becomes a client’s lifetime partner that helps them in all aspects of their financial life.
Gathering valuable information about competitors
- By enabling clients to aggregate all data about their finances, including those that are related to other institutions, bank is able to collect information about their competitors, which is usually not that easily accessible.
Encouraging use of online banking
- The range of attractive features for handling personal finances and different user experience can persuade clients to use online channel more often or to start using it, if they didn’t use it before.
Capitalizing cross-selling opportunities
- Researches have shown that PFM can double the time that clients spend on online banking sites, which gives an opportunity to the bank to present and offer targeted products and services to the particular client.
Attraction of new customers
- Researches have shown that PFMs are especially interesting to young customers and to the people who have accounts with more than one financial institution. Since clients want less complexity with their finances, attractive features and a totally new experience can make them become loyal clients.
Finance information aggregation
- The solution enables aggregation of complete financial data, both banking and non-banking ones, in one place, giving a complete overview of client’s finances.
Intuitive user interface
- Personal finances can be presented through different reports, charts and other overviews, all adjusted to the bank’s corporate branding.
Categorization and analysis
- All transactions are automatically categorized with high accuracy, enabling a detailed analysis of the entire spending and income.
Budgeting and notifications – budgeting tools, combined with notifications, bring automatic projections based on historical data, but also enable modification in accordance with the actual figures.
Financial help and recommendations
- PFM offers guidelines and recommendations targeted at each particular client.
J2ME, iPhone, Android, Blackberry – access to PFM is available at any time and from any place through different mobile browsers and clients.
PFM can be easily integrated into the bank’s business and IT environment, especially with the existing CRM (Customer Relationship Management) solution and online banking website, which enables better control of the application performance by the bank’s IT department.
Some technical advantages of the PFM solution are:
- Flexible application integration,
- Scalable and robust architecture designed for the management of high data volume,
- High level of security based on strong authentication and communication through secure channels,
- Extendable and modular design (fast development of new functionalities),
- Rich-featured administration,
- Multilanguage support, multicurrency support.