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New research on the use of Personal Financial Management (PFM) tools identifies opportunities among Gen Y customer segment.
Personal Financial Management: Expanding the
Market and the Opportunity
Boston, MA -- The rapid expansion over the past 4 years of free Internet PFM sites such as Mint, and Pageonce have focused attention on a growing segment of PFM users concentrated in the internet savvy Gen Y customer segment (ages 18 - 34). Over the past year a number of new PFM solutions from start-ups as well as solutions from existing online banking vendors are rapidly gaining traction among banks and credit unions.
In this report Personal Financial Management: Expanding the Market and the Opportunity we examine the current state of the market, identify the PFM features that are used most frequently and take a close look at PNC's innovative Virtual Wallet account.
The PFM market has long been dominated by Quicken and anchored by higher income individuals who have between financial relationships that they need to bring together in order to understand their financial position and net worth. According to Bob Landry Vice President Mercator Advisory Group's Banking Group. "The new PFM solutions are battling for a younger age segment who are the high potential customers of the future. These entry level PFM users want a way to manage their spending and start saving for the all the firsts they have ahead of them; the first TV, the first car, the first marriage, the first home and the first child."
Highlights of this report include:
Estimates of PFM usage by age group
Overall PFM adoption and adoption by solution source by age segments
Analysis of PFM tool usage
Estimates of PFM usage frequency
Detailed review of PNC Virtual Wallet product features and adoption estimates
One of the 9 exhibits in this report:
This report is 23 pages long and has 9 exhibits.
Companies mentioned in theis report include: Fiserv, Geezeo, Harland Financial Solutions, Intuit, Jack Henry and Associates, Jwaala, Lodo Software, Microsoft, Money.Strands, Online Resources, Pageonce, PNC, Q2online, S1, Strands, Wesabe, and Yodlee.
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About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.