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21st Century PFM For A Mass Audience: How to Build Everyday Online and Mobile PFM Product Image

21st Century PFM For A Mass Audience: How to Build Everyday Online and Mobile PFM

  • Published: February 2013
  • Region: World
  • 41 Pages
  • Javelin Strategy & Research

FEATURED COMPANIES

  • American Express
  • Cardlytics
  • Fiserv (CashEdge)
  • Intuit
  • myRewardsTree
  • stickK
  • MORE

In the six years since Apple launched its iPhone, smartphones have imbued consumers with always-on, always-with-me, real-time expectations that create an urgent need for the financial services industry to break free of 1980s thinking about personal finance management (PFM) and redefine it for the 21st century. Today, Javelin estimates only 21% of U.S. consumers mix and match PFM software like Quicken, in online banking, and from websites. But PFM is primed to evolve from niche products for do-it-yourself budgeting and investing to virtually ubiquitous, specialized online and mobile tools that will help Americans make smarter everyday financial decisions. In addition to sizing the current PFM market, this report:

- Evaluates 17 specific PFM features designed to help consumers as they spend, shop, buy, and plan.

- Analyzes four tiers of PFM features and the implications and action steps for each tier.

- Details how to tailor PFM features to cater to coveted segments such as the mobile-minded Moneyhawks™, Gen Y.2™ young adults, high-income Americans, and Latinos.

Primary Questions:

- How many Americans use PFM software, online banking READ MORE >

OVERVIEW
Primary Questions

METHODOLOGY

EXECUTIVE SUMMARY

KEY RECOMMENDATIONS

PFM OF THE FUTURE MUST BREAK FREE FROM PFM OF THE PAST

LIMITED PFM ADOPTION CRIMPS INNOVATION
PFM Universe Explodes With a Big Bang

WHAT PFM FEATURES CONSUMERS WANT MOST TODAY
Javelin's PFM Vision: From Online Tab to Mobile Ubiquity
Tier 1
Tier 2
Tier 3
Tier 4
Mobile Imaging and PFM are Symbiotic

CONSUMERS PREFER CERTAIN TYPES OF PFM

WHY PFM FEATURES SHOULD BE TAILORED TO CONSUMER SEGMENTS
Gen Y.2 Consumers
Higher-Income Consumers
Moneyhawks
Bank of America Customers Demand More PFM Services
Latinos

APPENDIX

RELATED RESEARCH

COMPANIES MENTIONED

Tabl e of Figures
Figure 1: Methodology: Behavior Definition Used to Segment Consumers
Figure 2: ROI: Engagement in Digital Channels and Investible Assets (PFM users vs. Non-Users)
Figure 3: PFM Adoption (by Type of PFM Method)
Figure 4: The PFM Market (Percent of Consumers)
Figure 5: The PFM Market (Millions of Consumers)
Figure 6: Source of PFM Services Consumers Are Most Likely to Use (Moneyhawks and Gen Y.2)
Figure 7: PFM Features by Tier (With Full Survey Wording)
Figure 8: PFM Features Consumers Probably or Definitely Would Use
Figure 9: Coveted Consumers Who Are Likely to Use Aggregated Account Oversight
Figure 10: PFM Features Ranked by Financial Chores (by Mean)
Figure 11: PFM Features Ranked by Categories (Spend, Shop, Buy, and Plan)
Figure 12: Heat Map of PFM Features by Age
Figure 13: Heat Map of PFM Features by Income
Figure 14: Likely to Use PFM Features (Moneyhawks vs. Y.2 and Affluent)
Figure 15: Heat Map of PFM Features by Moneyhawk Segmentation
Figure 16: Bankographic Benchmark: Heat Map of PFM Features Among Giant Banks
Figure 17: Heat Map of PFM Features by Ethnicity
Figure 18: Percent Difference in Ratings for PFM Features (Moneyhawks vs. Y.2 and Affluent)
Figure 19: PFM Features With Statistically Significant Gender Differences

- American Express
- Jack Henry
- Apple LearnVest
- Bank of America
- Local Offer Network
- Bill.com
- Manilla
- Billeo
- MileWise
- BillGuard
- MoneyDesktop
- By All Accounts
- myRewardsTree
- Cardlytics
- On Deck Capital
- Chase
- Pageonce
- Citibank
- PNC Bank
- Credit Sesame
- Points.com
- Decide.com
- ReadyForZero
- Digital Folio
- SaveUp
- Doxo
- stickK
- Fiserv (CashEdge)
- Truaxis
- Green Dot
- USAA
- Groupon
- Volly
- Harland Financial Solutions (uMonitor)
- Wallaby
- HelloWallet
- Walmart
- Hukkster
- WattzOn
- ImpulseSave
- Wells Fargo
- Internal Revenue Service
- Yodlee
- Intuit
- Zumbox
- Intuit Financial Services

Format Properties
Electronic (PDF) The report will be emailed to you. The report is sent in PDF format. This is a single user license, allowing one specific user access to the product.
Note: Product cover images may vary from those shown
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