First Look: PFM Defies Definition

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Five Mobile App Features that Show Yes, Banks Can Innovate

Fintech startups claim to out-innovate banks. But financial institutions sometimes break new ground. Here are five examples of banks that are testing and launching mobile app features capable of much more than showing an account balance.

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The author has defined the number one reason that people do not trust banks. There is no probability that one will receive "prudent" financial advice. And this is validated by the fines, settlements, judgements, consent decrees, etc, that have been levied against banks.
For people that have "money", they can easily go to financial planners and develop good financial plans perfect for their situation and find solutions that are not products "pushed" by the advisor.
For people without a lot of money that are trying to build fatter wallets, PFM is positioned as a "cheap" alternative but there is no "duty of care" from the provider for a prudent solution. Instead, PFM solutions can come from banks like Wells Fargo where their own directors believe that paying 200% interest on a payday loan is good relationship banking (I have that in writing).
So PFM will continue to be discussed and possibly promoted as the next "gee whiz" but anyone with real intelligence will never "Trust" it as long as bank CEO's continue to be hypocrits.
Posted by frankarauscher | Tuesday, January 15 2013 at 12:23PM ET
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