Personal Finance Management Tools 2024

How AI and Open Banking Will Make Them Something Customers Actually Use

Report by Sherry Fairchok  | Aug 21, 2024
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Executive Summary
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Table of Contents
Executive Summary
PFM tools are poised to evolve into personal digital assistants
Open banking and AI will drive PFM tool transformation
Tech advancements applied to PFM tools will address consumers’ key banking pain points
What benefits and challenges will banks encounter in enhancing PFM tools?
Sources
Media Gallery
About This Report
To truly change consumers’ financial behaviors for the better, personal finance management tools must take human nature into account and lean on AI to become predictive, proactive, and prescriptive. We look at why banks will also benefit.
Topics
Financial Services
Banking
United States
Table of Contents
Executive Summary
PFM tools are poised to evolve into personal digital assistants
Open banking and AI will drive PFM tool transformation
Tech advancements applied to PFM tools will address consumers’ key banking pain points
What benefits and challenges will banks encounter in enhancing PFM tools?
Sources
Media Gallery

Personal finance management (PFM) tools will be transformed by AI functions that access all the financial data unlocked by open banking. To make a real difference in consumers’ lives—and in their engagement with banks—the next generation of PFM tools will need to acknowledge and work around human weaknesses.

Key Question: How must banks evolve PFM tools to reap the benefits of higher customer satisfaction and retention and more opportunities to cross- and upsell financial services?

Digital Financial Tools Used by US Adults, Sep 2023 (% of respondents)
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Key Stat: Just 16% of US adults use budgeting and savings tools despite their ubiquity in digital banking apps, per a Capital One survey. To become a must-have function that strengthens banking relationships, PFM tools must evolve into intelligent assistants.

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Table of Contents

  1. Executive Summary
  2. PFM tools are poised to evolve into personal digital assistants
  3. Open banking and AI will drive PFM tool transformation
  1. Tech advancements applied to PFM tools will address consumers’ key banking pain points
  2. What benefits and challenges will banks encounter in enhancing PFM tools?
  3. Sources
  1. Media Gallery

Charts in This Report

Digital Financial Tools Used by US Adults, Sep 2023 (% of respondents)Mobile Banking App Features That Would Be Extremely Valuable According to US Gen Z vs. Millennial Mobile Banking Users, Sep 2023 (% of respondents)
Personalization Features Most Valued by Consumers in the US and Europe, Feb 2024 (% of respondents)Areas Where US Adults Want Help With Financial Decisions, Oct 2023 (% of respondents)
Average Increase in Their Investment in Next Generation Technologies Over the Next 2 Years According to Financial Services C-Level and Senior Executives Worldwide, Nov 2023

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authors

Sherry Fairchok

Contributors

Suzy Davidkhanian
VP, Content
Donte Gibson
Senior Chart Editor
Tiffani Montez
Amy Rotondo
Director, US Research
Sakina Thanawala
Julia Woolever
Director, Report Editing