About
A 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.
Innovation presentation
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.
Uniqueness of the project
'- The PFM is a a third party PFM solution which is fully integrated in Íslandsbanki Online Bank
- The PFM solution helps Íslandsbanki’s Online Customers to manage their personal finances in a more innovative and fun way than before
- The PFM solution reads and automatically categorizes all transactions from users’ bank accounts and credit cards. Users can effortlessly track income, expenses and the state of their personal finances in a clear and graphical way
- The PFM solution analyzes each user‘s unique spending pattern and offers savings tips and practical information that are tailor-made for each user
- The PFM solution automatically creates a budget based on users´ historical spending. Users can modify the automatic budget to reflect their financial goals and future expectations and the PFM helps them stick to it by showing them exactly where they stand
- The PFM solution enables users can compare their spending in each expense category to the average spending of other users.
