Comments on: PFM And The Online Banking Hierarchy

By: Ugh…More Acronyms « Geezeo, Inc.

Ugh…More Acronyms « Geezeo, Inc. — Wed, 18 May 2011 20:59:44 +0000

[...] Ron Shevlin and I had a little back and forth on twitter yesterday about the use of the acronyms PFM and OFM (like the banking industry needs acronyms). Well, Ron ran with things a bit and wrote a nice post on the use of these terms and how they can ultimately be very limiting. Couldn’t agree more. [...]

By: Jeff

Jeff — Mon, 02 Aug 2010 13:46:06 +0000

Striving for putting personal, and small business, finances on auto-pilot may very well be a necessary result of long-term trends… i.e. people with busier schedules, and financial management becoming more complex. It would be a nice complement to PFM, if at the beginning of the process of setting up your finances on auto-pilot, there was an expert advising you what to do and how to do it, and is available for periodic reviews of your PFM life. Just a thought. ~ Jeff

By: CU Water Cooler » Blog Archive » CU Water Cooler 7/29

CU Water Cooler » Blog Archive » CU Water Cooler 7/29 — Thu, 29 Jul 2010 14:02:55 +0000

[...] • PFM And The Online Banking Hierarchy « Marketing Tea Party [...]

By: Colin Henderson

Colin Henderson — Wed, 28 Jul 2010 02:40:27 +0000

Nothing new in this and nothing new in why it will not happen. Let me explain. The average big bank has 20 disparate systems that are jimmied together with baling twine and rubber bands. The concept of taking data across all customer accounts and making meaningful evaluations and analysis that informs the online banking PFM is a pipe dream for most banks.

This concept has been around forever, and the advent of mobile makes it the more pressing, but why are we not seeing it?

By: Bryan Link

Bryan Link — Mon, 26 Jul 2010 00:45:59 +0000

Hi Ron-
I certainly agree with much of what you say, but the assertion that banks/CU’s should not “subsume PFM into online banking” ignores the very real installed base problem that FI’s have now vis-a-vis their OB platform. Hell, even Financeworks is “subsumed” into DI/IFS’s online banking platform, and it’s an in-house tool.

All of us (and here I mean the PFM providers) believe PFM should subsume online banking–not the other way around–but that’s going to require a much bigger tech project (new OB platform, rip and replace, etc) than just adding on PFM via SSO. It’s a first step, but I think it’s an important one, and if Financeworks is evidence, I don’t think it can be skipped.

By: Peter Glyman

Peter Glyman — Sat, 24 Jul 2010 15:01:11 +0000

Sounds to me like everyone is going to like what we’re building

By: David Gerbino | Community Banker

David Gerbino | Community Banker — Fri, 23 Jul 2010 17:18:37 +0000

PFM/OFM is a silly old school marketing discussion. We are still in the infancy of this technology. The Financial Management (FM) part should be available to me where ever I transact, where ever I have a connection to the internet, basically every where I want it. I should know my financial condition by looking on my Android handset or my tablet or ATM, internet enabled TV, computer widget, Facebook, etc.

Ron, you nailed it when you replied to Shawn with: “Instead, when you withdraw $100 at the ATM, the ATM should be able to print a message on the screen that says “ALERT: $100 withdrawal will put you $50 over your monthly budgeted cash allowance.” Or something like that.” – Or that message gets delivered to where ever you want it to be sent.

@dmgerbino

By: Ron Shevlin

Ron Shevlin — Fri, 23 Jul 2010 16:56:55 +0000

Shawn: Agreed. But….I wouldn’t consider checking balances to reach the level of “PFM”. Instead, when you withdraw $100 at the ATM, the ATM should be able to print a message on the screen that says “ALERT: $100 withdrawal will put you $50 over your monthly budgeted cash allowance.” Or something like that.

By: Shawn Ward

Shawn Ward — Fri, 23 Jul 2010 16:35:39 +0000

@Jeff – not at all. Banks/Cu’s won’t reap the full benefit of PFM/OFM/MFM (whatever you want to call it) until it is fully baked into all delivery channels. You go to ATM – you should be able to check balances on all your financial products (across any institutions) with one swipe. You visit a branch or call on phone – CSR and tellers should know your your full financial profile (including what your financial goals are) so they can better serve you. The online component is just the beginning…

By: Jeffry Pilcher | TheFinancialBrand.com

Jeffry Pilcher | TheFinancialBrand.com — Fri, 23 Jul 2010 16:23:19 +0000

I don’t think consumers care what term the industry uses to refer to itself. You don’t hear many Mint users talking about “PFM,” “OFM,” etc.

Does PFM revolve entirely around the online world? There is no offline component? No need or opportunities for local/desktop tools? So has the PFM players decided that one must be online 100% of the time in order to use any/all PFM features?