Personal Finance Management (PFM) is an excellent tool to engage with customers by providing them a tool to manage their finances. It allows the customer to view their portfolio with the bank, define financial goals, set up budgets and track their expenses. The bank can use this as tool to differentiate their value services from regular services or get insight into the customer’s financial world to offer him more relevant products and services.

Consolidated View of Assets and Liabilities:

The Bank can provide a consolidated view of the assets and liabilities across all products and services. It can be provided as Dashboard or tabular form with facility to drill down to get details of given class of asset / liability product.

Define Goals:

The customer can setup financial goals and contribute regularly towards goals by setting up standing instructions. PFM module provides a dashboard of Goals to show percentage of the goals achieved.

Setting up budgets:

It allows the customer to set up the budget by each expense category. It provides facility to set up the thresholds at which system should alert them for reaching the threshold. Application can send alerts to customer as well as it highlights the overspend under PFM.

Tracking Expenses:

PFM supports auto as well as manual categorization of expenses. For auto categorization, the Bank can provide the business rules or Industry Standard Merchant Classification Codes (MCC) can be used. It also allows the customer to change / categorize auto-categorized / uncategorized items. These can be used as customer specific rules for future categorization.

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