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Phoenix Synergistics: Online Financial Management and Advisory Tools

Aug 2016 | Financial
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Online financial management and advisory services comprise an exciting area of innovation in financial services. The ongoing development of services, applications, and access channels makes this area something of a moving target. Personal financial management (PFM) encompasses an array of online money management, tracking, information, and planning tools. Many parties – depository institutions, investment providers, financial planners, and third-party providers – have become heavily involved in PFM in recent years. At their most advanced, some PFM services utilize account aggregation to import data from multiple providers and offer analytical capabilities to provide a total view of a consumer’s financial position. Ideally, these tools, in conjunction with online banking and bill payment, may add “stickiness” to a relationship.

A more recent, and potentially disruptive, development is that of automated or robo investing services. These services utilize computer models or algorithms to recommend investment allocations and choices based on factors such as a customer’s investment goals, risk tolerance, and time horizon. Some even make actual investment transactions and reallocate balances on an ongoing, automated basis. Both traditional and non-traditional players are active in this area.

As online financial management and advisory services evolve, it may become essential for providers to incorporate these options into their customer relationship strategies. It is very important to understand the customer perspective in terms of the degree of information, advice and recommendations, and transaction capability desired from such services.

I. Report – List of Exhibits

II. Strategic Insights

III. Appendix – Comprehensive Strategic Summary

IV. Survey Results

V. Methodology

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