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Personal Finance Management 2013:
Designing PFM tools with the customer in mind
Insight report on the latest and most innovative
developments within the field of personal finance
management (PFM) from around the world

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Report structure:
A. Executive Summary
B. Introduction
C. Brands Featured
--------
1.Lessons from previous editions
2.Vendor insights
3.Top PFM developments in the last 12 months
4.Increasing customer engagement
5.What the developments mean for banking
Methodology:
We have taken a detailed look at PFM related offerings provided across internet, mobile and tablet
banking. These offerings have been divided into three levels of engagement; basic visualisations;
analysis; and take-action tools. This report also provides commentary on several related areas that will
feed into internal planning and decision making processes.
This report features examples from 23 banks other 12 countries and is based on in-depth quantitative
and qualitative research of more than 60 banks across the world in order to help us understand what
the current state of play within personal finance management is. In addition we include the latest
thoughts and opinions from leading vendors.
See the very latest personal finance management
related developments from around the world
Overview
The objective of this third edition of our PFM Report
Series was to help digital marketing professionals
understand how development and usage of PFM has
advanced since our last reports on PFM in June 2012.
Faced with different levels of adoption and a myriad of
vendors to choose from, should banks keep investing in
PFM and if so, what key themes and features should
they be considering?

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A Executive Summary
Objective
The objective for this third edition of our PFM Report Series was to document
developments that have occurred since the second edition report was produced in
June 2012, to highlight key trends and also to gather and summarise thoughts
from leading vendors. We have taken a detailed look at PFM related offerings
provided across internet, mobile and tablet banking. These offerings have been
divided into three levels of engagement; basic visualisations ; analysis; and take-
action tools. This report also provides commentary on several related areas that
will feed into internal planning and decision making processes.
Key themes
Throughout this report the following key themes have emerged:
• Customer centricity relevant – as ever: We show a number of banks who have
invested significantly to integrate features within the overall digital experience.
Most of these intuitive implementations deliver real added customer value.
• Embracing new technology and cross channel integration is key to the
experience: Cross channel integration is a key focus area. Developments are
taking place in all channels, and the cross channel experience is improving.
Nevertheless there are still very few examples of consistency across all 3
channels, although more seamless mobile and tablet experiences are evident.
Visuals have been largely improved; they are now more intuitive, interactive and
also available pre-login.
• Implementation and strategies must move with the times. Every digital banking
development road map should include the following; visual transactional data,
enabling customers to get a deeper understanding of their finances, and take-
action features. Today we see all new providers (a couple highlighted in the
report) adopting this approach.
A summary of research approach
We have carried out…
• Market and desk research
• Quantitative and qualitative analysis
• Vendor questionnaires
• Strategic commentary
• User experience and usability issues
...all within a global context
What’s next?
This report is the third in our PFM Report
Series that looks at how the market is
evolving and how banks are overcoming
the technological challenges both
internally and externally.
Over the course of 2013 we will be
releasing similar reports as part of our
annual insight series. If you would like
further information about them then
please get in touch with:
edward@maparesearch.com.
Sample page from report

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IntroductionB
Basic visualisations (Entice)
Purpose: Make customers think about what is happening (good or bad) in relation to their day-to-day finances; and, as a result, build
awareness and understanding, with the aim of creating interest in gaining deeper insights and developing interaction with the bank.
Examples:
• Visualisation of current balance / level of balance prior to login
• Balance described in terms of number items you can buy (e.g. cinema tickets, coffees, jeans)
• Basic charts straight after login showing last month’s total incomings, in relation to spend, with net balance developments
Analysis (Educate)
Purpose: Facilitate customers analysing their personal finance situation ; where, how and how much do they spend in relation to
peers. Understand both ”good and bad” behaviours. Get an up-to-date view on current value of savings, investments and loans.
Examples:
• Spend per category in relation to total spend including the option to view evolutions over time
• Geographical spend summary (i.e. unveiling patterns)
• Own spend compared to peers
• Holistic view of finances (e.g. providing an overview of all assets and liabilities held with the bank)
Take-action tools (Activate)
Purpose: Provide engaging tools to help customers improve their personal finance situation (day-to-day focus).
Examples:
• Intelligent budget feature based on past spend that can help customers avoid overspending
• Savings goals to help realising dreams
• Scenario analysis – forward looking assessment giving an indication whether to buy or not to buy an item
Introduction: In the three years that we have been reporting on the PFM market , it is clear that PFM service offerings
have expanded and become more diverse, both in terms of channels and of specific features and approaches adopted. One
theme evident in reviewing the market is that each component offered naturally sits in one of three levels of progressive user
sophistication. Starting at a basic level, progressing to an analytical level, and ending with an action-taking level. In this edition
we have used these three levels as a way of better showing what is happening where in the market place. Below we define the
three levels:
Sample page from report

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A number of banks have implemented basic bar charts visualising money in and out on the main account. As seen with
Barclays (UK) this is prominently displayed straight after login (introduced within both mobile and tablet banking). DNB (NO)
have taken things a step further by providing a similar feature prior to login as part of quick balance feature. In addition to the
basic bar chart Barclays iPad banking users also see a pie chart overview of spend per category (selected top right on the
landing page) and also add categorisation of individual transactions.
Top PFM developments: Basic visualisations
The Barclays approach to PFM
• Mobile: Basic bar chart showing money in / out
• Tablet: Same as mobile, but also enabling customers to view spend per
category (in relation to total) and amend automatic categorisation
• Internet: Fully fledged PFM tool (read more on page xx)
This approach is different to the likes of BNP Paribas (FR) who are offering
more advanced PFM features across all three channels, something that adds
challenges to delivering a good customer experience, particularly within mobile.
3.1 Sample page from report

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Danish High-Street bank Nykredit launched an iPad app Q4 2012 including a decent range of PFM features. Initially PFM was
introduced as part of internet banking. These had been extended to mobile (selected features) and now tablet. A feature being unique to
tablet is the option to view and track spend using the map view. This is a great example of taking advantage of the device capabilities
and adding value customers (e.g. using map view review card spend by location and gain insight on there they spend the most / least
money).
Total spend over the time period selected.
Percentage number shows spend in relation
to the same period last year)
Detailed spend at one particular
retailer
Text beneath pie chart says ”Your
purchases at Irma represents 4% of all
your grocery shopping during February
3.2 Top PFM developments: Analysis Sample page from report

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Wells Fargo (USA) are currently beta testing a Cash Flow Projection Tool. Internet banking customers can sign up via Wells
Fargo Labs, where the bank let customers try the latest ideas and technologies on an on-going basis . The objective of the tool is to
help customers be in control of their near-term finances. It automatically factors in known scheduled transactions, direct deposits, bill
payments, standing orders and any additional information that users want to be included. The Cash Flow Monitor lays out a calendar
view with all upcoming transactions. Daily balances will show up in black if all is good, low balance days are highlighted in orange,
and any days that are expected to run a negative balance will show up in red.
Setting a low balance alert shows customers
if they are below the cash cushion
Estimate balance view
US market* context:
• Wells Fargo, Bank of America and Citi all offer PFM
features within internet banking
• No US bank has yet explored mobile opportunities
• Citi provide an appealing iPad app experience
including a visual income and spend overview
• BB&T and Chase are yet to explore PFM
*our review is based on active Mapa Research held accounts
3.3 Top PFM developments: Take action Sample page from report

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Moven (US) describe themselves as being a ‘financial wellness and money management service that helps you spend, save and
live smarter.’ and achieve this primarily through mobile technology. From an engagement perspective we particularly like the tone
of voice combined with relevant and timely spending feedback (push notifications and messages within the app) on both overall
and specific category spend. In addition Moven have two other great engagement features in place; CREDscore® being a real
time measure of a person’s financial health and the Financial Personality Grid - both ideal for social channel engagement.
For more insight on Moven, see Mapa Research report of February 2013 entitled ‘Disruptors in Financial Services: Is it that
Simple? What can retail banks learn from selected distruptor brands’ propositioning and customer experiences?’
Feedback on overall spending based
on past spending patterns
Overview including clear indication of
current financial position
4 Increasing customer engagement: Encouragements and reminders
Mobile receipts with instant spending
feedback
Sample page from report

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