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Personal Finance Management 2011: How PFM Can Set the Stage for One-Stop Online Banking and Define Mobile Banking
Javelin Strategy & Research, Nov 2011, Pages: 55
With more than 14% of Americans saying they do not monitor or manage their finances, there is a pressing personal, industry, and economic need to provide consumers with a better means to oversee their finances. Banks and credit unions are in the best position to fill this need by spotlighting personal finance management (PFM) capabilities from the moment customers log in—not in a tab. Javelin asked more than 2,300 consumers to evaluate a concept of “one-stop online banking” that would enable them to monitor all their financial accounts in one place, pay bills, analyze their spending, transfer funds, and initiate person-to-person payments from a single starting page. Using predictive analysis, Javelin identified which components of this “view + do” concept are essential, the primary benefits for using one-stop PFM, and the most powerful motivations and obstacles for this concept. The report also:
- Sheds new light on the debate over whether consumers are willing to provide login credentials in order to see aggregated account information. It also shows how to counter consumers' two primary anxieties: the fear of a security breach, and privacy worries over how an FI would use the information.
- Calls for a new approach to security that does not rely on the risky practice of sharing passwords.
- Builds on previous Javelin findings regarding how PFM can provide a broad and compelling return on investment.
- Details why community banks are at a disadvantage with PFM but could enjoy a bigger upside.
- Maps out how to exploit the power of PFM—differently—for smartphones and tablets.
- Profiles Pageonce, a PFM startup on a mission to use mobile bill pay to dethrone Mint and challenge FIs. Primary Questions
- How can financial institutions redefine PFM for a mass-market audience?
- Would consumers value and use Javelin's concept of one-stop, “view + do” online banking that spotlights PFM and bill pay right from the login?
- What components of this PFM concept are most compelling?
- What are the most powerful motivations and obstacles for using one-stop online banking?
- What methods do consumers rely on to monitor and manage their finances?
- Are consumers willing to provide login credentials in order to aggregate account data held at outside FIs, and what are their main worries?
- How can PFM provide a return on investment?
- Why are community banks at a disadvantage with PFM?
- How can FIs use PFM to define mobile banking and payments and tailor it for smartphones and tablets?
Methodology
This report is based on data collected online from a random-sample panel of 2,304 consumers in August 2011. The overall margin of sampling error is ±2.04 percentage points at the 95% confidence level. The survey targeted respondents based on representative proportions of gender, age, income, and ethnicity compared to the overall U.S. online population Audience: Financial institutions: Senior strategists, product managers, and marketers responsible for online banking, personal finance management tools, mobile banking, bill pay, financial alerts, transfers, and credit and debit cards. Vendors: Online- and mobile-banking platform providers, online and mobile banking vendors, and online and mobile marketing companies. Consumer websites: Personal finance websites and software developers of mobile personal finance applications. Wireless industry: Wireless carriers.
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