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Posted by Benjamin Ensor on September 6, 2012
Back in November 2006, a startup called Wesabe first showed the potential of online money management. Packaged personal financial management (PFM) software for PCs like Intuit's Quicken had existed for years, but Wesabe, Mint.com and a handful of other startups showed the value of using customer data, and community, to help people understand their finances better.
Since then, hundreds of banks, credit unions, wealth management firms, and other companies have launched a range of spending categorization, budgeting, peer group comparisons, and other money management features for their customers.* The leaders are increasingly making money management available in mobile and tablet apps, as well as on their websites. Fuelled by the poor state of many of the world's developed economies and growing use of digital channels, customer interest in online money management is substantial, as my colleague Reineke Reitsma wrote on her blog a few months ago.
Yet despite the growing number of firms that already offer money management, and the evident interest of some customers, many financial services eBusiness executives still question whether the business case adds up. Our new report on The Business Case For Personal Financial Management addresses that question. Here's what we found:
*Those firms include many leading banks, such as ANZ and Westpac in Australia; Bank of Montreal and Royal Bank of Canada in Canada; Boursorama and Fortuneo in France; Bank Hapoalim in Israel; ABN Amro, ING, and SNS Bank in the Netherlands; BNZ and Kiwibank in New Zealand; Skandiabanken in Norway and Sweden; Banc Sabadell, BBVA, and La Caixa in Spain; Barclaycard and Lloyds TSB in the UK; and Bank of America, PNC Bank, USAA, Wells Fargo, and dozens of credit unions in the United States.
PS It seems our blog platform and our website aren't integrating as smoothly as they should be. The other reports I was citing are: