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
Executives have a lot on their plates. Alongside the daily activities of keeping tabs on operations and budgets, overseeing personnel, and managing risk, there is one function that should not be ignored. An argument can be made that one of the most important roles is understanding how data and technology can, and should, drive decisions.
This is not breaking news by any means. We know we live in a world that needs to connect with consumers at multiple levels. An article from CUTimes quotes, “Mobile banking is a must-have. As it is presently defined, it is not a delighter and it does not help build the business, it helps support keeping the business.”
The article goes on to highlight that financial institutions are beyond just purchasing mobile apps. They are setting up platforms to integrate their products with their members.
Most financial institutions have transitioned service offerings to include mobile banking, internet banking, eSignatures, and remote deposit capture. Just offering these services is not enough, the focus needs to be a plan that will create differentiation for financial institutions. Why? Because the number of weekly mobile bankers has been exceeding weekly branch bankers since 2015. Members are turning to their electronic devices more than the branch and you need to be ready to keep their business by offering services they can use from anywhere at anytime.
Having access to member information in real-time and the tools to make sense of the data is more critical than ever. As technology continues to quickly advance, financial institutions must adapt and adopt.