The ability to conduct banking activities via a sleek mobile app is no longer enough to satisfy consumers — it’s table stakes. To differentiate, banks now need to work to provide additional tools that keep users engaged in-app and enable them to better manage their financial lives says Business Insider Intelligence, a premium research service of financial & business publication Business Insider, in a newly published report and article.
“ It’s no longer enough for banks to offer customers a sleek mobile banking app; in fact, they expect it. The best opportunity banks have to do this is by introducing personal finance management (PFM) features to their existing offerings.
These features empower customers to take more control over their financial lives by tracking spending, managing investments, and maintaining greater visibility into their overall financial health.”
In the report, Business Insider analyses the different approaches banks can take to offer their customers better Personal Finance Mangement (PFM) features as competition from fintechs increases, explaining the benefits and potential challenges related to each approach.
Additionally, Business Insider provides insights into how the industry may change in the future, what banks can do to stay on top of developments, and which PFM features are becoming table stakes - highlighting Meniga as a go-to provider for PFM technology.
“B2B suppliers like Meniga, on the other hand, can help banks overhaul their existing mobile apps with specially designed features. They provide the enabling infrastructure banks need to successfully offer PFM features to their customers.”
“PFM tools used to focus mainly on tracking spending, but they now extend to helping people manage their overall financial health, investments, and savings. However, one of the main issues with PFM is that it doesn’t bring in direct revenue, and it’s been overlooked by many for decades as a result.
Instead, banks tend to focus on how to increase uptake of revenue-generating products like mortgages. But, with customer-centric fintechs pushing PFM tools to the fore, incumbents are starting to wake up to the value of these offerings.”
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Business Insider Intelligence is a premium research service provided by Business Insider. We specialize in business intelligence and data-driven research that provides deep analytical insight into the latest global trends and developments.