Personal Finance Management Tools: Consumer Behavior Fuels Battle for Supremacy Between Banks and PFM Sites

Table of Contents

• Overview
• Primary Questions
• Key Findings
• Methodology
• Executive Summary
• Key Recommendations
• 1: Recession Heightens Need for Better Money-Management Systems
• 2: The Need for Better Money-Management Tools Creates Opportunity for Banks, Credit Unions - and Websites and Software
• 3: What Consumers Like Most About Their Current Money-Management System
• 4: The Quest for a Better Way to Manage Our Money
• 5: The ROI from PFM
• Appendix
• Related Research
• Companies Mentioned

Table of Figures

• Figure 1: Three Stage Roadmap for the Development of PFM Tools
• Figure 2: Change in Financial Behaviors in the Previous 90 Days (Longitudinal)
• Figure 3: Methods Currently Used to Budget or Manage Finances (Multiple Answers Allowed)
• Figure 4: How Frequently Consumers Monitor Their Finances
• Figure 5: Number of Financial Institutions Where Consumer Has Accounts
• Figure 6: Consumers With Accounts With Three or More Financial Institutions (By Money-Management Method Used)
• Figure 7: Likelihood of Using a Financial Management Method
• Figure 8: Site Usage by Customers Using Bank or PFM Sites to Manage Their Money
• Figure 9: Primary Site Used by Customers Who Primarily Use PFM Sites to Manage Their Money
• Figure 10: Primary Site Used by Customers of Mint vs. Quicken Online (By Generation)
• Figure 11: How Consumers Rate Security (Banks vs. Software vs. Web-Based PFM)
• Figure 12: How Segments of Consumers Rate Security (Banks vs. Software vs. Web-Based PFM)
• Figure 13: How Segments of Consumers Rate Security (Banks vs. Software vs. Web-Based PFM)
• Figure 14: How Consumers Rate Their Performance in Budgeting or Managing Their Finances
• Figure 15: How Consumers Rate Their Performance in Budgeting or Managing Their Finances (By Money Management System Used)
• Figure 16: How Consumers Grade the Effectiveness of Their Money-Management System
• Figure 17: Why Consumers Value Their Money-Management Methods
• Figure 18: Most Important Features of Money Management Methods That Respondents Use
• Figure 19: Most Important Feature of Money Management Methods That Respondents Use (By Segment)
• Figure 20: Most Important Features (Those With a Budget System vs. Those Who Do Not Currently Budget)
• Figure 21: Primary Method Used vs. Preferred Method (All Consumers)
• Figure 22: Primary Method vs. Preferred Method (Gen Y)
• Figure 23: Primary Method vs. Preferred Method (Income of More Than $75,000 and Accounts with Three or More FIs)
• Figure 24: Preference for Financial Software vs. PFM From Bank or Websites (By Age)
• Figure 25: Customer Experience and Business Impact
• Figure 26: Number of Financial Products Owned (By Segments)
• Figure 27: Likelihood to Remain a Customer Because of PFM Tools (By Age)
• Figure 28: Likelihood to Remain a Customer Because of PFM Tools (By Income)
• Figure 29: Likelihood to Remain a Customer Because of PFM Tools (By Money-Management Method)
• Figure 30: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Bank PFM)
• Figure 31: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Web-Based PFM)
• Figure 32: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Excel)
• Figure 33: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Paper and Pen)
• Figure 34: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Online Banking)
• Figure 35: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Mobile Banking)
• Figure 36: Primary Method Used vs. Preferred Method (Consumers Who Are Likely to Remain Customers if Offered PFM Tools)

Companies Mentioned

• Bank of America
• Digital Insight
• FinanceWorks
• Geezeo
• HackerSafe
• Intuit
• Microsoft
• Mint
• PayPal
• Quicken Online
• RSA
• Rudder
• TRUSTe
• VeriSign
• Wesabe