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Comarch PFM (Personal Finance Management)

Comarch PFM (Personal Finance Management) is an application which lets bank customers browse their balances and automatically categorized transactions to analyze the condition of all their financial assets.

PFM is not only a new and effective sales channel, but also a source of valuable information for the bank, including the customers’ financial plans for the future and products they own in other financial institutions.

Comarch PFM is a complete working product which can be customized and integrated with any electronic banking system.

How the PFM works

  • PFM automatically categorizes transactions to show the customers (and the bank) their expense structure.
  • The system calculates the customer ’s monthly budget based on planned and realized incomes and expenses to show how much money can be put toward investments.
  • PFM lets customers plan their future expenses, like vacation or family celebrations making it easier for them to see when they will need a loan to cover their personal budget deficit.
  • PFM is an ideal place to present a personalized product offer

Benefits for the bank

  • Access to valuable data: the customers’ financial condition and products they own in other banks.
  • New effective sales channel: products are presented according to the customers’ profiles and needs.
  • PFM encourages customers to move all their financial operations to the bank where they can be easily analyzed and monitored (bank transactions are updated and analyzed automatically while others have to be entered manually).
  • The application is sleek, easy to use and visually appealing contributing to the banks positive image

How the PFM generates income for the bank

  • More credit card transactions, less ATM withdrawals
  • Customers using the PFM quickly realize that cash transactions are difficult to keep track of, and as a result, use credit cards and money transfers more often
  • Moving the customers’ transactions away from the competition
  • The PFM is automatically updated with transactions from the bank, while other transactions (i.e. from competing financial institutions) have to be entered manually with more effort. Gradually, the customers move more and more of their transactions to the bank.
  • Cross-selling – each customer buys several products
  • Customers using the PFM are presented with a product offer that fits their current financial needs, and as a result they buy more products, more often.

Functionality

  • Dashboard – summary of all important information in the form of widgets
  • Accounts – the user ’s financial assets registered in the system: from cash to savings and credit card accounts.
  • Transactions – searchable and automatically categorized using a self-learning mechanism
  • Planner – view of all planned incomes and expenses, with realization tracking
  • Reports – graphs and charts with drill-down navigation
  • Possible savings – automatically updated chart showing possible monthly savings
  • Budgets – automatically tracking spending progress in a given category
  • Investments – deposits, investment funds, stocks and others
  • Personalized financial products – offer based on the data from the PFM

Mobile version

Comarch Mobile PFM is an extension of the online application for iPhone, iPod Touch and Android. Comarch Mobile PFM helps to quickly record cash expenses and plans, and view current balances and reports. The application can be downloaded from the App Store http://itunes.apple.com/pl/app/ifin24/id408657193 and Google Play https://play.google.com/store/apps/details?id=com.ifin24.finance

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