The ability to conduct banking activities via a sleek mobile app is no longer enough to satisfy consumers — it’s table stakes.
Banks need to focus on deploying robust personal finance management (PFM) features that pull consumers in.
There are three common approaches banks can take to effectively implement these tools.
It’s no longer enough for banks to offer customers a sleek mobile banking app; in fact, they expect it.
And with emerging fintechs continuously creeping in on incumbents’ marketshare, legacy banks must work to provide additional tools that will keep users engaged in-app — and prevent their eyes from wandering to startup solutions.
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.
Fintech startups have already refined many of these technologies and, in turn, pressured traditional banks to achieve feature parity or lose customers. Personal Finance Management, a new research report Business Insider Intelligence, Business Insider’s premium research service, has outlined the best ways for banks to catch up to the competition.
Here are three approaches banks can …read more
Source:: Businessinsider – Finance