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Are PFMs Hurting Banks?

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Why Banks Need to Prioritize Personalized Financial Guidance (PFG) Instead 

Financial wellness is a hot topic right now – and understandably so. 

As inflation soars and interest rates climb, consumers increasingly worry about their finances and the economy.  They’re even dipping into their own savings to cover basic living expenses, which they know they shouldn’t. 

At the same time, consumers are often not all that savvy when it comes to managing their personal finances, regardless of how well the economy is functioning. Even the wealthiest struggle to keep things straight. Fortunately, most consumers at least know how little they know about finance and – more importantly – want to improve and make better decisions. 

They’re also looking to financial institutions for that guidance. According to a recent survey, 41% of respondents wished banks provided more personalized offers or information to help them achieve their financial goals. Right now, that goal is keeping their head above water. 

But broadly speaking, goals can range anywhere from saving up for a vacation, getting out of debt, or even stockpiling funds for retirement. Either way, consumers are looking to banks to help provide solutions on how to meet those goals – and banks are outright failing them. 

Why? Look no further than traditional PFMs. 

Access the full article here

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