Personal Finance Management Tools: Consumer Behavior Fuels Battle for Supremacy Between Banks

Published by: Javelin Strategy & Research

Published: Sep. 1, 2009 - 64 Pages

Table of Contents

Overview

Primary Questions

Key Findings

Methodology

Executive Summary

Key Recommendations

1: Recession Heightens Need for Better Money-Management Systems

2: The Need for Better Money-Management Tools Creates Opportunity for Banks, Credit Unions - and Websites and Software

3: What Consumers Like Most About Their Current Money-Management System

4: The Quest for a Better Way to Manage Our Money

5: The ROI from PFM

Appendix

Related Research

Companies Mentioned

Table of Figures

Figure 1: Three Stage Roadmap for the Development of PFM Tools

Figure 2: Change in Financial Behaviors in the Previous 90 Days (Longitudinal)

Figure 3: Methods Currently Used to Budget or Manage Finances (Multiple Answers Allowed)

Figure 4: How Frequently Consumers Monitor Their Finances

Figure 5: Number of Financial Institutions Where Consumer Has Accounts

Figure 6: Consumers With Accounts With Three or More Financial Institutions (By Money-Management Method

Used)

Figure 7: Likelihood of Using a Financial Management Method

Figure 8: Site Usage by Customers Using Bank or PFM Sites to Manage Their Money

Figure 9: Primary Site Used by Customers Who Primarily Use PFM Sites to Manage Their Money

Figure 10: Primary Site Used by Customers of Mint vs. Quicken Online (By Generation)

Figure 11: How Consumers Rate Security (Banks vs. Software vs. Web-Based PFM)

Figure 12: How Segments of Consumers Rate Security (Banks vs. Software vs. Web-Based PFM)

Figure 13: How Segments of Consumers Rate Security (Banks vs. Software vs. Web-Based PFM)

Figure 14: How Consumers Rate Their Performance in Budgeting or Managing Their Finances

Figure 15: How Consumers Rate Their Performance in Budgeting or Managing Their Finances (By Money

Management System Used)

Figure 16: How Consumers Grade the Effectiveness of Their Money-Management System

Figure 17: Why Consumers Value Their Money-Management Methods

Figure 18: Most Important Features of Money Management Methods That Respondents Use

Figure 19: Most Important Feature of Money Management Methods That Respondents Use (By Segment)

Figure 20: Most Important Features (Those With a Budget System vs. Those Who Do Not Currently Budget)

Figure 21: Primary Method Used vs. Preferred Method (All Consumers)

Figure 22: Primary Method vs. Preferred Method (Gen Y)

Figure 23: Primary Method vs. Preferred Method (Income of More Than $75,000 and Accounts with Three or

More FIs)

Figure 24: Preference for Financial Software vs. PFM From Bank or Websites (By Age)

Figure 25: Customer Experience and Business Impact

Figure 26: Number of Financial Products Owned (By Segments)

Figure 27: Likelihood to Remain a Customer Because of PFM Tools (By Age)

Figure 28: Likelihood to Remain a Customer Because of PFM Tools (By Income)

Figure 29: Likelihood to Remain a Customer Because of PFM Tools (By Money-Management Method)

Figure 30: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Bank PFM)

Figure 31: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Web-Based PFM)

Figure 32: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Excel)

Figure 33: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Paper and Pen)

Figure 34: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Online Banking)

Figure 35: Primary Method Used vs. Preferred Method (Consumers Who Currently Use Mobile Banking)

Figure 36: Primary Method Used vs. Preferred Method (Consumers Who Are Likely to Remain Customers if

Offered PFM Tools)

Abstract

• What methods do consumers typically use to manage their finances today?
• What methods would they prefer to use?
• What benefits and features do they value most when it comes to picking a money-management system?
• Who is winning the battle for consumers: banks or PFM websites?
• How will Intuit’s acquisition of Mint reshape the PFM landscape?
• Which consumers are most likely to use PFM tools at their banks?
• What features will distinguish “PFM Lite” from “PFM Deluxe” and PFM of the future?
• What is the return on investment for PFM tools?

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