Banking is undergoing enormous change, and whilst the bricks and mortar are the same — the banking sector is a money-making business after all — nothing about the design, or the look and feel have any resemblance to the banks that have been and gone.
Money is the big taboo, undiscussed in social circles. It is unheard of in polite culture to ask your friends what they earn, or how they manage their money, and yet it is something we all secretly wish we knew. Does our friend/colleague/neighbor have all the answers, whilst we make a hot mess of our accounts?
In fact, we often don’t even ask our banks for advice, so PFM, or Personal Finance Management seems to be the tool to put pay to all this ambiguity surrounding the issue of finances.
Personal Financial Management (PFM) has evolved greatly since its birth in the early eighties. Originally developed to bring money management into what was then a widespread technological shift to the nascent personal computer age, PFM has since become a sophisticated means of managing your money.
But in its current “visible” guise, PFM is not nearly as innovative as it can be, and it is the “invisible” idea of PFM that is set to overhaul banking as we know it.
In this article, we look at why the unseen PFM is inevitable and why it will be the driving force in transforming banking. Additionally, we look at how banks will evolve to intuitively anticipate their customers’ financial needs as well as scrutinize the major threat that all banks face if they fail to adapt.