Personal finance management (PFM)


What is PFM?

Personal finance management (PFM) is a system for modern personal finance management and financial planning. The solution can be integrated into the remote service channels of banks, providing wide opportunities for targeted interaction with customers.

Why does your need a personal finance management service?

The integration of personal finance management services into an online bank increases customer loyalty and makes banking products more innovative. As a result, you receive a double benefit: on the one hand, you attract new users of online banking, on the other, you provide a quality service to the target audience, which can be provided only by large banks.

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personal finance management pfm

Main functions

Personal finance management apps allow users to collect financial transactions in one place and use this data to manage their money. In some cases, these transactions must be entered manually, but an increasing number of products automate the process.

The personal finance management mobile apps typically show cash flow, spending trends, goals, net worth, and debt management. They also allow users to change PFM settings.

The most recent PFM capabilities based on AI that have recently been introduced to the market include personalized financial consultations, analysis of projected cash flows and automated money management, including autonomous savings.

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The main functions of such systems:

  • Analysis of personal expenses

  • Goals and savings plan

  • Financial advisor: scenarios for achieving goals

  • Personal budget management

  • Endless opportunities

What does it work?

PFM provides customers with a complete picture of their finances: the opportunity to label, classify and create savings or expenditure budgets for better financial management and understanding. Budgets and savings goals are automatically tracked and updated over time based on categories, search queries or custom tags. PFM gives you a comprehensive understanding of customer financial behavior to help you adapt your offers, sales, and tips.

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Read more: Customer Systems of Loyalty

What PFM gives to a client?

  1. Income. Analyzed income allows you to find out how much you have to spend on basic expenses, taxes, etc.

  2. Cash flow. Expense management and advance planning to maximize revenue.

  3. Capital. Availability of cash remaining as a result of cash flow management.

  4. Family safety. Understanding the need to solve the problem of ensuring the safety of your family (through insurance and other means).

  5. Investments. Create a plan to help your capital grow over time.

  6. The standard of living. Providing maximum comfort thanks to reasonable financial planning.

  7. Assets. Purchase of valuable assets with low risk and limited liability.

  8. Saving. Availability of extra cash or storage in high liquidity investments.

  9. Constant support. Contact a financial planning expert for consultations on important financial decisions.

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Advantages of personal finance management integration

  1. PFM allows customers to easily understand and manage their money. Businesses can automate consulting and sales on an individual basis.

  2. PFM services allow you to collect information and create a financial profile of your customers. This allows you to create personalized, efficient tips or suggestions for clients, as well as help clients to manage their budgets.

  3. Planning gives clients the opportunity to pick from different conditions, which gives banks significantly more information about clients, as they indicate their real financial capabilities, including money out of the bank’s sight.

  4. Banks need PFM to obtain additional data about their clients, which can be used to adapt any special offers, products and promotions.

  5. PFM is a tool for selling banking services to clients and partners based on segmentation using targeted funds (banners, messages, news).

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Personal finance management with KATASIS

Efficient PFM should include not only interesting opportunities but also the means of the sale of a particular product in a particular time. KATASIS is among the best personal finance management companies. If a bank does not use PFM correctly, it has little chances to succeed. PFM requires a clear understanding of marketing in banking, how exactly this tool is used and why.

We are Katasis

We create digital platforms aimed at achieving your business goals. Each of our projects begins with a professional marketing expertise and market analysis. This approach allows to realize even the most cosmic ideas.

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