LegacyTracker

Personal Financial Management tools offer big benefits

Banks already know:

Personal Financial Management tools offer BIG benefits …

Other financial service providers can benefit as well

An article recently from Finextra notes that the number of banks adopting Personal Financial Management (PFM) tools to their clients has doubled in the last 3 years.  Why are banks adopting personal financial management tools and what kind of justifications are there in choosing a particular PFM ? A study of a large number of banks highlighted the following 3 benefits for offering personal financial management tools to clients:

  1. Banks want to defend their market position. Banks see PFM as a tool to differentiate their brand & create a new valuable service for their customers
  2. Banks want to increase customer satisfaction, to create loyalty and retention-Banks see the convenience, control & simplicity & organization that benefits their customers. PFM can help customers succeed in achieving their goals (that’s good for everyone)
  3. Banks see PFM as a strategic tool for revenue generation-PFM creates cross-and-up-sell opportunities and provides the marketing staff with better insight into customer needs

The author of the study sums up PFM as being a lucrative revenue generator.. We agree. But it’s a Win/Win offering with a lot to offer users & providers.

Read more from the Finextra article by Artak Vardanyan of Misys  here 

LegacyTracker helps consumers and clients simplify, safeguard & share their important financial/legal and estate information & documents. LegacyTracker helps provide a 360 degree view of finances with reminders & alerts for what needs to be worked on next. In this way, LegacyTracker is a personal financial management tool & can deliver the benefits noted in the article (plus some others).

PFM Offerings should not just be exclusive to Banks 

The benefits of offering a PFM to clients or account holders is not restricted to banks. Wealth Management firms, Credit Unions, Asset managers, Professional service providers like lawyers/Accountants or Estate executors or Member Based organizations have much to gain when clients are better organized, less stressed and more engaged with their financial/estate information.

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