PFM USA Bank of America

Report: Personal Financial Management (PFM) from US banks

September 06, 2017

This free report looks at some of the Personal Financial Management (PFM) tools available to mobile banking customers in the US.

PFM tools (ideally) help customers better understand their financial health, what they are spending money on, and trends around their incoming and outgoing cash. Often these tools let customers put money to one side, to help them reach financial goals. Banking providers who prioritize PFM focus on helping customers understand and control their financial situation.

While we know that challenger banks are putting PFM at the heart of their offerings, continually improving the analytics and categorization supplied, the bigger incumbent banks have been slow to bring even basic tools to the forefront of their mobile (or desktop) banking platforms.

In Europe, the development of PFM is being driven by PSD2, which will enable easy aggregation of account information within third-party platforms. This is both a huge challenge and a great opportunity for banks to broaden their appeal and provide services to new customers.

Meanwhile, US banks have no such regulatory impetus to offer PFM tools. Open Banking is, however, being embraced by the likes of Bank of America, which now allows account aggregation in its app.

Bank of America PFM

So which US banks are offering PFM functionality, and who is doing it best? We look at features from banks including Wells Fargo, GoBank and Moven, and show behind-the-login screenshots of the various approaches being taken. From categorization of transactions and spending to setting budgets and savings targets, PFM is becoming more and more vital to the digital user experience.