Online PFM Use is Forecast to Double

Researchers at the Online Banking Report predict that online PFM use will grow from 13 million households to 26 million in the next five years. A study by Javelin Strategy and Research shows:

• Consumers want fewer financial relationships and to simplify their financial chores. It is to banks’ benefit to be their customers’ go-to site. PFM tools can drive usage and cement customer relationships.


• Almost half of consumers say they would be more likely to remain customers if their bank offered PFM tools.


• Consumers trust banks more than PFM web sites by a 2-to-1 margin when it comes to securing their financial information.


• More than six out of 10 consumers want PFM tools that let them see their accounts in one place, with real-time balances and spending reports. Aggregation can help banks build assets and deposits by identifying and attracting accounts and loans held elsewhere.