Financial Marketing and Cross Selling Blog
How will banks use data collected from their PFM tools?
In a recent US Banker article, 10 Big Ideas for 2010, one idea was the adoption of PFM or Personal Financial Management services. This new type of service was made popular by Quicken and the controversial Mint.com who’s president made a few comments at last year’s SXSW festival that made a few heads turn.
With the growing number of users, banks saw an opportunity to adopt the technology and some of the nations largest banks have come out with their own toys (Wells Fargo, PNC, Bank of America).
There are two main reasons banks are deciding to provide this service. First, it’s a convenient service that helps their clients to understand where they’re spending their money. This also gives them a reason to go online, which is a cost saving initative that banks have been pushing for years, and succeeding I might add.
The second reason is to gain new insight on their clients... Read More >>
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