PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
More and more financial institution members belong to a lifestyle of mobile technology and are looking at ways to integrate the requirements of their financial lives into that lifestyle. This especially applies to millennials aged 18 to 24 according to an article on Money.Mic, “7 apps that could help you save more money in 2017.“
A friend of mine recently told me that he was tired of the runaround he was getting at his bank, and wanted to know if I would recommend any local financial institutions to switch to. I suggested two or three FIs in the area that provide great services, have friendly staff and offer attractive rates. Somewhat dismissing of my list of benefits, he instead asked me one thing: “do they have a mobile banking app?”
Honestly, I wasn’t surprised in the least that my friend, a self-proclaimed tech geek, would be interested in a mobile banking app. It did, however, give me pause when he uttered his next sentence: “I won’t bank with someone who doesn’t.”
This cemented a notion I had already been pondering: No longer is a mobile banking app merely a convenient perk for members, it is expected and required. To provide a mobile banking app that is not only a tool for members to view balances and perform basic transactions, but one that extends the very FI into a member’s pocket is to truly succeed. Innovative ideas like mobile lending, remote control cards, location services, and remote deposits, all that can be available through a mobile device, give the member control.
Every FI needs a highly-functional mobile banking app to stay competitive and viable. You can’t afford not to.