Report

Personal financial coaches – consumer banks’ plan A

Published: April 24, 2020
Download Personal Financial Coaches (PFCs) Playbook

The traditional way of getting financial advice involved a trip to the branch, a discussion with a manager after which the customer bought a bank-owned product or service. However, changes in customer demographics, the rise of the fintechs and the open banking- enabled innovation has put the customer in the driving seat rather than a recipient of one-size-fits-all banking products.

The Personal Financial Coaches (PFCs) playbook responds to a strong market and consumer shift toward PFC and Personal Financial Manager (PFM) apps. Initially pushed through fintechs and challenger banks, the PFC is now gaining importance with traditional retail banks, as they are adjusting their strategies to meet customer needs and avoid disintermediation in a market saturated by challengers.

The playbook covers, among other topics, a market overview looking at the low financial literacy of global consumers, how Open Banking has created opportunities for improved spending analysis across people’s accounts, different types of PFCs and a thorough overview of international PFC and PFM players in the market and the different types of personal financial coaching and managing products.

Download the playbook to learn more.

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