In the six years since Apple launched its first iPhone, smartphones have imbued consumers with always-on, always-with-me, real-time expectations. This creates an urgent need for the financial services industry to break free of 1980s thinking about personal finance management (PFM) and redefine it for the mobile mass market in the 21st century. Javelin Strategy & Research’s latest report evaluates four tiers of 17 specific PFM features that underscore Americans’ strong desire for help as they shop, spend and save.
Javelin estimates only 21% of U.S. consumers (more than 49 million adults) mix and match current PFM features from software like Quicken, online banking, and various websites. But PFM is primed to evolve from niche products for do-it-yourself budgeting and investing to virtually ubiquitous, specialized online and mobile tools that will help Americans make smarter everyday financial decisions on the go.
Once again, consumers reinforced that they crave a way to view all their account balances in one place, with 49% of U.S. consumers prioritizing this feature over all the other PFM services. This is a foundational PFM building block that not only can strongly influence where customers turn first to oversee their finances, but according to Javelin, it also can give financial institutions and other PFM players an intimate portrait of their customers’ ability to buy, borrow, repay, save, and invest.
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