ATLANTA-Consumers are indicating a preference for obtaining personal financial management (PFM) services from their primary financial institution.
Research on PFM, which includes an array of online money management, tracking, information and planning tools, released by SYNERGISTICS Research has found that half of consumers said they would prefer their primary FI also be their primary PFM provider.
Six in ten of those who would use PFM services indicated 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.
"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," said William H. McCracken, CEO of SYNERGISTICS. "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."
For info: www.synergisticsresearch.com.
