Personal finance management is a boon for your members to understand their overall financial situation and make the best use of their assets. It prevents them from making short-sighted decisions and helps them move forward strategically.

At the same time, for banks and credit unions, the personal financial management tools help to build better relationships with the customers as the customers can observe and reflect on their own financial standing in a holistic manner.

Helpful features like budging, expense tracking, investment analytics, etc. are available, which enable the customer to execute day to day and long term economic decisions in an interactive, and comprehensive manner.

Listed below are some top personal finance management tools which will prove to be beneficial to your customers making them more financially aware, while helping you create a lasting relationship with them.

1. CSI

The software is integrated with mobile banking app and online banking solutions of CSI, which means that the customers will be able to interact with their data across all channels. From setting and managing budgets, tracking their progress, observing their financial health through visual representations, to receiving personal automatized notifications concerning spending, the customers can avail these features, interactively engage on the platform and achieve their financial goals.

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2. Envestnet

The client portal of Envestnet offers configurable modules through which the clients can aggregate their finances and obtain a holistic understanding of their financial health, in the present and predictions for the future. The digital storefront is configurable and the financial wellness solutions which are powered by Yodlee include features like cash flow and budgeting. All accounts are aggregated which helps the customers to receive real-time analysis like cash flow analysis. Through this 360 degrees visibility and messaging functionality, customers can stay actively engaged.

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3. Geezeo

Geezeo offers seamless and flexible integration with the customer’s online or banking app or their digital banking tools. Through Geezeo, personal financial management can be performed across any channel. Data Analytics and Insights help the customers to make informed decisions with the aid of customized reports. To track spending, progress in achieving financial goals, or track changes, Geezeo provides active alerts, and through account aggregation, customers can access all their accounts seamlessly in one place.

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4. MX

MX provides its customers with the ability to make financial decisions in real-time, with insights powered through AI. The solution is known as the MoneyMap, and it is simply integrated into digital banking products. Functions like debt management, budgeting, account aggregation, and auto-categorization can be seamlessly performed. The financial data is aggregated which means customers can access all the data in one place.  The unique predictive financial guidance solution, Pulse, makes financial management proactive and personal. The training solution, Finstrong, helps customers to stay financially educated.

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5. Meniga

Bringing people, businesses, and financial institutions in one single ecosystem, Meniga provides personalized financial management solutions. The financial activity feed helps customers to have a concrete understanding of their finances through analysis, fun facts, advice, etc. The transactions are automatically categorized with visual representations of analysis, insights, and reports. The solution also provides actionable features like searching, filtering, etc and community features like suggesting a restaurant.

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6. Moven

Moven software offers personalized, AI-driven and behavior-based essential financial functions like auto-categorization, account aggregation, debt management, bill payments, investment tracking, advice, and recommendations. The financial wellness tips and prompts are tailored to the customer. Smart banking can be enabled in an existing app through open API, hence the customers can avail of the unique embedded app experience. The spending insights feature of the Companion App helps the customers to be more financially aware by making them understand their expenses and how to conserve and optimize their financial resources.

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7. Strands

With Strands, your customers can have financial well being, financial control, and foresight they need to make smart financial decisions.  The financial tool is always aware of the context and can provide the customers with custom suggestions. The customer can improve money management habits and mitigate potential risks through personalized alerts and recommendations. Functions like account aggregation and categorization are automated. It is possible to predict the impact the purchase will have on a customer up to the long term and decide the amount of money that can be spent without making an impact on the future.

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CONCLUSION

The personal financial management tool of your choice should be able to help you and your customers achieve both short term and long term financial goals, and master the basics. The right financial tool for you will depend on your financial priorities, to which it should flexibly cater.

Disclaimer-: These technologies are selected on the basis of our research. CULytics shall not be responsible or liable for any direct or indirect loss or damage of any sort incurred as the result of the services or information provided.