Organize your finances and live stress-free. PFM 2.0 - Finance Manager. Qorus-Infosys Finacle Banking Innovation Awards 2024

Concept and objectives: We are one of the largest banks in Poland, with almost 2 million customers belonging to the "mobile only" group. More than 75% of our customers regularly use the mBank app. Our state-of-the-art application allows online access to almost all banking products, services and information, providing convenience and security.

Our goal is to further develop this platform to respond even better to the needs of our customers. By improving tools and functionalities, such as Personal Finance Management (PFM), we want to support customers in managing their finances, educate them and enable them to make informed financial decisions. We aim to make our application not only a tool for daily banking operations, but also a support for long-term planning and financial management like retirement. Reasons: As mBank, our goal is not just to provide customers with raw data in the form of a list of transactions. We want to help them take care of their financial health and teach them to manage their finances wisely. That's why we decided to emphasize the role of Personal Finance Management (PFM), placing this solution in our organization's development strategy for 2021-2025. Consumer sentiment surveys show that 30% of Poles plan to cut back on basic spending on everyday goods, such as groceries, cosmetics and household chemicals. Although 73% of Poles say they plan a budget, only 12% actually follow it scrupulously. Nearly one in three Poles do not have savings and do not plan to create them.

Our solution is designed to address these challenges faced by our customers. PFM 2.0, or Financial Manager, provides full control over budgets, cash flow, savings and investments. We help our clients prepare for major life events, such as the purchase of a home, children's education or retirement, as well as for less groundbreaking but important and often enjoyable ones, such as vacations, travel or hobbies. We become an indispensable partner in finance for the customer.

We know that our customers do not want to spend time analyzing their financial history. That's why we want to take this burden off their shoulders by suggesting ways to manage their funds more consciously.

We believe that PFM 2.0, complemented by attractive communications, will become a pillar of our offering and strengthen long-term relationships with our customers.

Sources of inspiration We analyze and we are inspired by solutions from around the world , both competitive banks and fintechs. Involved departments: Practically all units of the bank are involved in the development and promotion of the solution in the bank and among customers, from IT departments, UX/UI which create solutions for users, to marketing departments, and direct contact with customers.

Main results to date: Nearly 1.5 million of our customers use the Finance Manager (PFM) every month, and 20% of them return to the tool periodically (at least 4 times a month). Customers who use PFM have more banking products and rate us better in NPS (mBank app) surveys compared to customers who have not yet used PFM. Under the motto of mBank Group's strategy, "Technology to Service," we first gave customers new capabilities in the mobile app, expanding it to include PFM functions. We placed the tool in the main navigation tabs and widgets on the desktop so that customers can easily find it.

PFM's fiancas analysis includes customers' income and expenses, as well as the month's result, providing information about surpluses or shortfalls in funds. Customers can directly see if they have been able to set aside money for savings, as well as compare their spending with previous months.

We show average spending so customers know if they are spending more than usual, allowing them to make informed financial decisions. Transactions are automatically assigned to the appropriate spending categories, making it easier for customers to reflect and possibly change their habits.

We also enable precise budget setting, which helps build healthy finances. This allows clients to create a financial cushion for unexpected expenses, job loss or emergencies, which reduces stress and ensures financial stability. Consciously setting aside money allows for spontaneous expenses without remorse, such as trips, shopping, gifts or developing passions.

On the dashboard of the banking application, we present "Your expenses" widgets. These widgets can be moved and personalized. One shows your spending to date for the current month, and the other shows the highest spending category for the month. After the widgets feature became available in Q4 2023, more than 90% of customers chose to leave them on the first view after logging in (they did not change their location).

Customers can quickly check their income and expenses on their phone screen, as well as analyze their finances in detail on a computer.

Advanced users can do annual analysis, compare the balance of their income and expenses with previous years, and change spending categories.

To ensure that our customers don't miss the opportunity to think about their finances, we send them dedicated direct communication with information about the month's summary and news.

PFM is most popular among young customers under 28 and premium customers. We also see high interest in the tool among new customers, as many as 90% of whom use PFM within 30 days of pairing the mobile app.

Each month, we receive more than 400 suggestions from customers on the development of the tool, which allows us to jointly create and tailor financial analysis to their needs.