A PFM Solution Integrated in Íslandsbanki‘s Online Bank Qorus Banking Innovation Awards 2013

Concept and Objective The PFM is sophisticated personal finance software that reads and automatically categorizes all transactions from the users´ bank accounts and credit cards and helps users create and stick to a realistic budget and displays practical savings tips tailor made for each user. In 2012 the PFM solution was fully integrated on the front end to match Íslandsbanki’s Online Bank and introduced as an integral part of Íslandsbanki’s Online Bank, allowing its 100 thousand online customers to better manage their personal finances in an innovative way in a secure Online Banking environment. Reason behind Íslandsbanki wants to assist its customers in keeping their finances under control and help them improving their financial health. The PFM solution provides our customers with a faster, more convenient and more fun way to manage their personal finances – even suitable for those who usually run away and hide when they hear the word „budget“. Statement Íslandsbanki has been the forerunner in presenting a PFM in Iceland. The Bank was the first bank to present the solution worldwide in 2009. Furthermore, Íslandsbanki was the first bank to present the PFM as a fully integrated solution in its Online Bank in 2012. Sources of inspiration Íslandsbanki’s vision is to be #1 in Service in Iceland and realize the vision it wants to provide its customers with an innovative PFM accessible in their Online Bank. Departments involved The introduction of the PFM in the Online Bank was implemented in cooperation of Online Banking, Retail Banking, Marketing and IT. Main results The introduction of a PFM as an integrated part of the Online Bank has been a great success. The Online Bank has almost 100 thousand active users and 20 thousand of them already use the PFM solution on a regular basis. The Banks has organized many PFM courses for its customers, free of charge, which are among the most popular seminars the bank offers.