Rebuilding Personal Financial Management in 2018: What Banks Need to Know

New Aite Group study reveals that more than 75% of 22-to-49-year-old consumers indicate they are interested in using a virtual financial wellness coach.

Boston, March 8, 2018 — Aite Group’s newest report, Rebuilding Personal Financial Management in 2018: What Banks Need to Know, focuses on financial institutions’ opportunity to reinvent how they deliver PFM tools and create an interactive experience for their customers. Many U.S. financial institutions have integrated PFM capabilities into their online and mobile banking experiences over the last five or so years, and while many customers played with these tools, set up initial budgets, and created savings goals, their initial interest fizzled away. But with artificial intelligence trending toward the mainstream, financial institutions may be able to help consumers take control of their overall financial health.

“PFM capabilities in the past have experienced challenges, but real-time digital channels, a vast amount of customer information, and the emerging use of AI now offer financial institutions the opportunity to transform how they interact with customers,” explains David Albertazzi, senior analyst with Aite Group.

“As executives look to transform the digital banking experience by refining PFM with next-generation capabilities, it’s important to understand how quickly different age groups adopt technology, the frequency with which they use digital banking, and their perceptions of financial matters,” states Tiffani Montez, senior analyst with Aite Group.

This latest Aite Group Impact Report uncovers insights into how various age groups are conducting PFM activities and gauges consumers’ willingness to use a virtual financial coach. It is based on a Q4 2017 Aite Group online survey of 5,174 U.S. consumers.

To request a press copy of this report or to speak with David Albertazzi or Tiffani Montez about this topic, please contact us at [email protected].

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

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