Your Customers Are Ready For PFM. Are You?

August 31, 2015
Amy Hibbard

Admittedly, I’m new to the world of money management in my professional life, but I’m always looking for ways in my personal life to manage money better. It has always been very important to me to find a way to set financial goals by figuring out how I’m spending my money and where I can save. That is why using a program where everything is already set up for me is so appealing. I've been with Geezeo for 3 weeks now, and here is some of what I've learned.

We all need help to reach our goals - whether it's incentives, or support from others. Financial institutions have the unique opportunity to provide their customers with a solution that can help them reach their goals. Staying on top of finances by setting spending targets then monitoring and measuring progress is extremely important for consumers to have good financial health. When your customers lack information about their finances they can’t do much with their money.

The banking industry has been offering online banking for decades now, it hasn't evolved all that much and it's remained largely transactional. That is where integrating a Personal Financial Management (PFM) platform comes in. Financial institutions can help consumers get a handle on their finances by offering solutions with PFM tools, like Geezeo’s PFM platform. In a nutshell, the Geezeo platform offers a set of tools that help people organize and manage their money in one place.

Some financial institutions are using a PFM as an add-on to their service. Some even provide links to third party solutions like Mint. Frankly, I don't understand that. An integrated PFM can be leveraged to transform your online banking platform and change the digital experience. How does PFM do that? Simply put, it gives the consumer the ability to access the information they need to track, manage and understand their financial life. Your customers can see all their accounts in one place and they can monitor their spending. It’s all about making life easier for your customers. By implementing PFM into your online banking you can have an influence on customer’s “life journey,” which is something that would make sense to someone like me. I’m looking for a financial partner, not just a checking account or a debit card.

Geezeo’s PFM platform offers financial institutions a way to build relationships with customers. It will give FIs and understanding of consumers needs via data and a digital experience. It provides an engaging experience for your customer and makes finance management less of a chore, a chore I personally dislike. If a bank or credit unions online banking users are like me, they want empowerment so they can take more responsibility for their finances.

It’s been a busy 3 weeks, but I already see how PFM can help FIs with their mission, and more importantly, help me with mine.

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