Beyond PFM: Proactive Money Management
AI-Powered Proactive Money Management
Beyond PFM: Proactive Money Management
AI-Powered Proactive Money Management
Whether you’re looking to add value to your existing PFM solution or starting with a clean slate, a new generation of AI-powered solutions will deliver immediate benefits to your bank and your customers.
Present real-time insights that forecast customer balances, monitor transactions, and proactively highlight important events to increase customer engagement by 50%
Provide relevant and timely personalized recommendations for savings, loans, and investment options that generate double digit response rates (e.g., 16% CTR on a recommendation to open a new investment account).
Create new targeted messages and offers based on individual spending patterns and cash-flow needs – in a matter of hours, not days or weeks.
Offer AI-based money management programs – such as automated savings – generating 10-20% sales and balance growth.
RBC’s stab at fixing what’s broken in personal financial management
American Banker
How UK challenger bank Tandem is personalizing its mobile app
The bank’s mobile app will offer customers personalized insights and recommendations based on their spending habits… But the heart of it is about keeping customers engaged — a “lifetime benefit driver.” The move is the latest among U.K. challenger banks to 'own' the PFM space, adding pressure on incumbents to innovate.
TearsheetBEYOND PFM: A NEW WAY TO BANK
@Fruit_Slinger
Kinda dig the NOMI insights in my RBC app. As someone constantly working on a budget, it’s a great tool for seeing just exactly where I can make some changes. Not often a bank does something I bother to pay attention to.
LOVED AND ENGADED BY BANK USERS
Easy to use and delivering real value, Proactive Money Management is scoring high with bank customers.
LOVED AND ENGADED BY BANK USERS
Easy to use and delivering real value, Proactive Money Management is scoring high with bank customers.
Extremely high engagement levels (80%+)
4+ star average user rating
Positive social media buzz
A WIN FOR THE CUSTOMER AND THE BANK
At the same time, these solution deliver measurable ROI for the bank, creating long-term profitable relationships.
Double-digit increase in product adoption
Capturing a greater share of wallet
Lifting loyalty
A WIN FOR THE CUSTOMER AND THE BANK
At the same time, these solution deliver measurable ROI for the bank, creating long-term profitable relationships.
Proactive Money Management: PFM Reinvented With AI
Download briefOld-School PFM
Query-based (pull)
Relies on the the user to pull the data they need.
Asking the Customer to Enter Data
Expecting users to do work before they see the benefits, resulting in lower adoption rates
Reporting-oriented
Provides information, expecting the user to figure out what it means and what to do about it.
Planning and Budgeting
Expects the user to engage in planning and budgeting, with no immediate sense of accomplishment.
Time-lapsed Transaction and Balance Data
Paints a picture based on a time-lapsed snapshot that doesn’t always include recent transactions.
Static
Static presentation cannot adjust to individual needs.
Average-based Cashflow Forecast
Cashflow forecasts don’t account for variability in income and spending and can lead to mistaken actions.
Separate App
Requires the user to use a new app, placing a barrier to adoption and use.
AI-Powered Proactive Money Management
Proactive Everyday Engagement (push)
Proactively engages the user daily, pushing relevant and timely information.
Automated Data Analysis
Proactively preempts information to the user, resulting in higher engagement and usage.
Actionable and Automated
Offers actionable recommendations and automated money management that take away the guesswork.
Goals and Challenges
Helps users act on an immediate goal that is within their reach - like spending less on restaurants so they can save for a vacation - setting them up for success rather than failure.
Bite-sized and Personalized
With relevant and bite-sized inside and advice, individuals can take actions tailored to their own personal financial situation.
Real-time Data and Forward-looking Balances
Real-time data provides an accurate picture of current and future cash flow and balances
Pattern-based Cashflow Forecast
Reliable cashflow forecasts allow users to anticipate issues and opportunities and take early action.
Embedded in Digital Banking Experience
Enhances a familiar experience and increases engagement with the bank app.
AWARDS
Want to explore how your bank can harness the power of AI to engage and serve customers?
We work with banks of all sizes across all geographies and will be happy to see how we can help.
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