The Market for Personal Financial Management

Transcription

1 Brochure More information from The Market for Personal Financial Management Description: Personal financial management (PFM) encompasses an array of online money management, tracking, information, and planning tools and represents the next evolutionary step beyond online banking and bill payment. According to a recent survey entitled, The Market for Personal Financial Management, the main financial institution has a competitive edge in providing PFM services to consumers. When asked which type of provider relationship they would prefer for these types of services, half would prefer to obtain such services from their main or primary financial institution. Six in ten of those who would use PFM services indicate that they are likely to move their main financial relationship to have access to PFM or account aggregation services. One-fifth would be very likely to switch, and this inclination tends to be more prevalent among younger and higher income households. Analyst for the report stated, Beyond providing customers additional tools and utility for accessing and managing their financial activities, PFM and account aggregation strategies should have well defined objectives for financial institutions or providers. These sites and applications obviously represent significant capital investment and manpower outlay; having a measurable return on investment is critical for assessing the worth of these programs. The household s primary or main financial institution has a strong competitive advantage in the marketplace for PFM and account aggregation services. It is interesting that there is significant stated willingness to move the main relationship to get these services. This may indicate some short-term share-shifting opportunities for providers offering PFM or account aggregation. These are among the findings from the study, The Market for Personal Financial Management, featuring 1,000 online interviews with consumers age 18 or older. This study assesses consumer reaction to a number of personal financial management tools, as well as examines their preferences in terms of providers, features, and enhancements. ** Please note that due to restrictions this report cannot be sold to clients in the US or Canada** Contents: EXECUTIVE SUMMARY SECTION I: COMMENTARY - Overview - Definition The Competitive Environment for Personal Financial Management Knowledge of Financial Situation in Moving Toward Meeting Savings and Investment Goals Greatest Need to Organize Household Financial Situation Usage of Personal Financial Management Applications by Liquid Assets The Market Potential for Personal Financial Management Incidence Use Personal Financial Software by Household Income Orientation of Personal Financial Software Users to PFM Usage and Value of Personal Financial Management Product Features Usage of Personal Financial Management Applications by Age Awareness and Usage of Account Aggregation Tools Interest in Account Aggregation Among Nonusers Perception of Account Aggregation Preferred Provider Type for PFM/Account Aggregation Likelihood of Switching Providers to Have Access to PFM or Account Aggregation by Age Monthly Fee Willing to Pay for PFM or Account Aggregation Service Value of PFM or Account Aggregation Service Using Mobile Phone by Age Value of Mobile App for Mobile Account Aggregation Usage by Age The Future

2 SECTION II: BACKGROUND RESEARCH - Overview - Definition - PFM Background History Overall PFM Ranking - Usage and Adoption of PFM - Banking PFM Tools Demographics of Usage - PFM Implementation at Banks - Specific PFM Products PNC Virtual Wallet Mint and Quicken PNC Wealth Insight Simple Finance Technology Corp. USAA Money Manager Citi Financial Tools Chase Blueprint Wells Fargo My Money Map Bank of America My Portfolio Innovative Applications Featured in Smaller PFM Tools - Future Innovations of PFM - Account Aggregation - Wealth Management Services Wealth Management Banks Wealth Management Online Competition Summaries - Conclusion - Bibliography SECTION III: POWERPOINT PRESENTATION OF SURVEY RESULTS - The Environment Financial Institution Type Types of Financial Accounts and Services Held Incidence of Debit Card Usage by Age Average Monthly Frequency of Debit Card Usage by Age Types of Credit Cards Use Monthly Frequency of Credit Card Usage by Age Credit Card Payment Behavior Usage of Internet-Based/Direct Banking Institutions by Age Types of Accounts Held with Internet-Based Organization Savings Goals Knowledge of Financial Situation in Moving Toward Meeting Savings and Investment Goals by Household Income Greatest Need to Organize Household Financial Situation Combined or Consolidated Statements Incidence and Method Receive Value of Combined or Consolidated Statements Frequency of Evaluating Overall Financial Situation Reasons Do Not Evaluate Overall Financial Situation Reasons Evaluate Overall Financial Situation Incidence of Investment Tracking by Household Income Usage of Personal Savings Plan Applications or Tools Incidence of Access to Financial/Spending Tracking Information by Household Income Value of Financial/Spending Tracking Service by Age - Online and Mobile Banking and Financial Activities Device Ownership Mobile Device Ownership Online Banking Activities Perform

3 Average Weekly Frequency of Online Financial Activities Performed Perception of Online Banking Incidence and Usage of Mobile Banking Mobile Banking Activities Perform Average Weekly Frequency of Mobile Financial Activities Performed Tablet Banking Activities Perform Average Weekly Frequency of Tablet Financial Activities Performed - Personal Financial Management Applications Usage of Personal Financial Management Applications by Liquid Assets Value of Personal Financial Management Applications by Age Awareness and Usage of Specific PFM Services Awareness and Usage of Mint Money Management Program Likelihood of Using Mint Money Management Service by Age Usage and Value of Personal Financial Management Product Features Awareness and Usage of Specific Websites for Tracking and Managing Household Finances Incidence of Broker or Financial Planner-Provided Money Management Services Value of Broker or Financial Planner-Provided Money Management Services in Planning for Future Financial Needs Incidence Use Personal Financial Software by Household Income Average Timeframe of Financial Software Usage by Age Method of Personal Financial Software Usage Value of Personal Financial Software Perception of Information Generated and Examined from Financial Software Usage - Experience with Account Aggregation Awareness of Account Aggregation Feature by Liquid Assets Channel by Which First Became Aware of Account Aggregation Service Usage of Account Aggregation Service by Age Provider of Account Aggregation Service Whether Account Aggregation Provider is Main Institution Method for Using Account Aggregation Service Monthly Frequency of Account Aggregation Usage Accounts or Services View with Account Aggregation Tools Reasons for Using Account Aggregation Services Incidence Contacted by Account Aggregation Institution About Other Accounts or Services by Age Perception of Contact by Account Aggregation Institution Changes or Adjustments Made to Financial Situation as Result of Using Account Aggregation Service Interest in Account Aggregation Among Nonusers Comfort in Providing Personal Financial Account Information to Provider for Account Aggregation Service by Age Security Features Would Make More Comfortable to Provide Personal Financial Account Information to Account Aggregation Service Provider Acceptability of Account Aggregation Provider Using Account Information for Cross-Selling Accounts or Services Likely to View Using an Account Aggregation Service Advantage of Account Aggregation Service Disadvantages of Account Aggregation Service Perception of Account Aggregation Value of Account Aggregation Service Using Mobile Phone by Age Impact of Mobile Phone Access on Likelihood of Using Account Aggregation Services by Age Value of Mobile App for Mobile Account Aggregation Usage by Age Preferred Provider Type for Account Aggregation Likelihood of Switching Providers to Have Access to Account Aggregation Monthly Fee Willing to Pay for Account Aggregation Service - Methodology

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