Fiserv announced the resultsof consumer research on their use of Personal Financial Managements (PFM)tools. The survey conducted in January of 2010 provided some interestinginsights on how consumers are using PFM.
Overall, the survey findings highlight the strongopportunity for financial institutions to provide categorization and budgetingtools to consumers within the online banking service itself, as the consumerbenefits outweigh those at third-party sites.
Nearly 40 percent of the consumers surveyedindicated that PFM tools would be beneficial to managing their finances, yet only15 percent of consumers had used a PFM service in the past 90 days. Of thesubset of respondents who had used a PFM service in the past 90 days, anoverwhelming majority said they did so from online banking sites (68 percent),more than double the percentage that reported using the top named traditionalpersonal financial management software.
Overall, only five percent of the consumers surveyedhad used a PFM service to track multiple accounts through a process known asaccount aggregation… According to the study, lower adoption of theseaggregation-based services may be due to security concerns, with consumersreporting they were leery about the reliability and security of the aggregationprocess.
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