eBook

AI-Driven PFM
The Heart of Digital Banking
 eBook

AI-Driven
PFM
The Heart of Digital
Banking

© 2020 Strands

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Summary
Artificial intelligence is undoubtedly transforming a number of industries,
and financial services is no exception. While many retail banks are at the
very beginning of their AI journey, this technology has already proven to be
a great asset to connect with customers and take their banking experience
to the next level.

Closely tied to the rise of AI is another trend poised to disrupt the FinTech
space: Emotional Banking. This concept revolves around the basic idea of
making customers’ relationship with money an exciting one. To do so, banks
need to leverage AI and transactional data to predict significant events in
their customers’ lives, and offer them the relevant products or services, at
the right time, in a non-invasive, conversational way.

Those financial institutions that manage to build trust and are seen to be
problem solvers by their customers will be able to enjoy a differential role
in the industry, attract new clients and establish an even closer and more
strategic relationship with their existing ones.

In this ebook, we will take a close look at why banks should use data to
incorporate financial wellbeing into their core strategy. We will also see how
white-label financial management solutions like Strands’ AI-driven PFM are
a key asset to achieve a successful personalization strategy, as well as the
best chance for traditional financial institutions to fight back against digital-
only challenger banks. Are you ready to find out how millions of customers
are already getting personal advice from their banks, allowing them to
become financially fit?
 Table of Contents
Personal Finance Management: It’s Time to Get it Right  5

The People Have Spoken. But Are Banks Listening?  8

Banking Customers Expect to Be... 9

Understanding the Next Generation of PFM  10

GoldenAI 12

Designing a Winning AI-Driven PFM App  13

3 Steps to Design a PFM Customers Will Love 13
Choosing the right partner is the first step 17

The Heart of the Matter: Predicting Life Events   18

Engager: Making Real Connections 20
Strands Engager  21

Strands’ AI-Driven PFM: Designed to Engage  22

Making “Customer-Centric” More Than A Buzzword 22
How Strands’ AI-Driven PFM Benefits Banks 23

Success Stories: Our Customers’ Words  25

10 Key Takeaways   27

Authors  28

References  29

3 AI-Driven PFM - The Heart of Digital Banking

strands.com 4
 Personal Finance
Management:
It’s Time to Get it
Right
Financial education is the key to making a better
life for oneself. Learning to manage money allows
us to reach our financial goals, save money and,
ultimately, stay financially healthy and live our best
lives.

And while it’s true that money doesn’t buy happiness, there’s no
denying that it plays a central role in our health –both physical and
mental– and overall quality of life.

Yet, 53% of young millennials (aged 18 to 24) don’t spend any

time managing their finances, a survey conducted by financial
comparison website MyBankTracker points out. Bear in mind
that, by 2030, millennials will hold five times as much wealth as
they have today, and are expected to inherit over $68 trillion from
their predecessors, a study shows. This will represent one of the
greatest wealth transfers in modern times.

Many have noticed the high potential coming from providing this
demographic with attractive and accessible Personal Financial
Management (PFM) solutions, and financial technology (FinTech)
startups have emerged to seize on this opportunity.

Among these entrants are a group that could steal substantial

market share from traditional banks: the so-called neo-banks.
These new market players provide a fully digital banking experience,
often superior to that of incumbents’, and are rapidly gaining
traction, particularly among digitally-savvy younger generations.

5 AI-Driven PFM - The Heart of Digital Banking

 However, FinTech is not just a millennial trend. As daily life moves
online, everyone’s interactions with money are happening more and
more often in the Internet banking space. That’s why nowadays it’s
impossible to separate money management from digital solutions.
Some form of digital money management is inevitable for each
and every consumer.

Big Tech players like Google, Apple, Facebook

and Amazon (the so-called GAFA tetrarchy) are
pushing deep to enter the FinTech space with
their own products and services.

The rise of FinTech means more and more third-party personal

finance products are giving consumers the freedom and flexibility
to manage their money outside their bank. What’s more, it’s not
only pure FinTech startups getting in on the PFM action: Big Tech
players like Google, Apple, Facebook and Amazon (also known as
the GAFA tetrarchy) are pushing deep to enter the FinTech space
with their own products and services.

However, there’s a simple way traditional lenders can respond to

these threats from neo-banks and Big Tech: working together with
FinTech firms. Besides challengers, there’s a number of financial
technology firms that build software that can help incumbents to
innovate, better know their customers, and deliver personalized
solutions.

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 Partnerships could shift the environment in which incumbents
operate. The key is to combine the agility, creativity and innovation
of FinTechs with the established brands, reliability and robust
capital of historic financial institutions.

According to a Novantas survey of 3,000 consumers in the US, 32%

of respondents used PFM services or software to manage their
finances, but only 28% of those use their bank or credit union’s
site for personal financial management. It would be remiss to
assume that these customers don’t actually want to manage their
money with their bank, however. In fact, 63% of them trust their
bank much more, according to a recent Gartner survey. Customers
would rather use online money management tools on their bank’s
secure website than third-party apps.

The key is to combine the agility, creativity and

innovation of FinTechs with the established
brands, reliability and robust capital of historic
financial institutions.

Under these circumstances, every bank is now asking: How can

we ensure that consumers continue to take care of their financial
needs with us?

The aim of this eBook is to show how PFM-centric banks directly

address that concern and showcase the potential of FinTech
collaboration. Find out why emotional banking has stopped being
an empty buzzword and has become the key to building and rolling
out a best-in-class, AI-driven digital banking solution.

7 AI-Driven PFM - The Heart of Digital Banking

The People Have
Spoken. But Are
Banks Listening?
Welcome to The Age of Emotional Banking. This
means shifting the banking relationship beyond
transactional services to the very center of the
customers’ daily living experience.

In an industry obsessed with cold, measurable data, the idea of

focusing on emotions may sound a bit out there, but emotions and
banking are actually more connected than one might imagine.

It’s impossible to talk about new banking tech and ignore emotions.
In an industry obsessed with cold, measurable data, the idea of
focusing on emotions may sound a bit out there, but emotions and
banking are actually more connected than one might imagine.

But how can banks reach an emotional connection with their

clients? It’s all about making use of the vast amount of raw data
that financial institutions already own in order to provide their
customers with tailored solutions that meet their needs and
expectations.

As Stefi Gual, FinTech product strategist, puts it: “Banks need to

keep finding ways to know their customers better and provide
them with what they really need. If they do this, their added-value
services will be one step ahead all the time, and the relationship
with their users will be, without a doubt, a long term one.”

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 BANKING CUSTOMERS EXPECT TO BE:

FOUND UNDERSTOOD ADVISED

Using visualization and By a smart learning With intelligence brought
analytics tools to discover system based on their to every client interaction,
and predict life events (such personal financial context, leading to a clear
as buying a home, retiring or transactional data, location, understanding of what they
having a baby) and address demographics, and social data. can or can’t afford.
their needs in a timely
manner.

ALERTED ENABLED
By a personalized TO
EXCITED communication in real-time, COMPARE
When a smart recommendation service with information based on With analytics
presents them with relevant offers at predictive analytics. revealing the
unexpected yet perfectly-timed moments, spending habits
with that special product that truly of their peers,
interests them. and who’s
PROTECTED buying what in
Having been granted security their consumer
ASKED and privacy measures while demographic.
their information is used by
For their suggestions and ideas for machine learning and big data
products, services, social issues or how analytics.
their bank can serve them better.

“Banks need to keep finding ways to know their

customers better and provide them with what
they really need.” Stefi Gual, FinTech product strategist.

REWARDED FOR THEIR ENGAGED

LOYALTY Using data-driven
By being offered premium products insights to establish
and added-value services in relationships that
exchange for sharing their data, make them and
locations or new ideas. their families feel
supported, secure
and covered in the
long-term.
ALWAYS CONNECTED
Through an omnichannel
experience in which they can move
seamlessly between channels,
EDUCATED
or leverage multiple channels By receiving instant
simultaneously to optimize their insights and answers
banking experience. to their questions.

9 AI-Driven PFM - The Heart of Digital Banking

Understanding the
Next Generation
of PFM
Financial services need to meet a new set of
customer expectations, the biggest one being
personalization.

Whether they’re aware of it or not, people are getting increasingly

used to personalized services. From the TV shows and movies
they watch, to the food they order from online delivery platforms,
customers are choosing from a number of decisions made by
recommendation algorithms. At the end of the day, who has the
time to go through an endless catalogue of possibilities?

An effective recommendation algorithm requires one thing: rich

data. And that’s something banks have plenty of.

To remain competitive in an already crowded market, banks need

to start making use of the vast amount of transactional data that
they possess and provide their customers with tailored solutions—
and here’s where AI-driven PFM comes into play.

Early iterations of PFM required users to categorize transactions

manually, monitor their budgets and micro-manage their finances,
which was too time-consuming and hard to sustain. Not anymore.
AI-driven PFM tools make money management easier, smarter
and more personal.

Emotional banking process kicks off by ingesting the bank’s

data. Then, data scientists process it and design a structure for
it. Machine learning algorithms work in the background of the
platform and analyze the transactional data of users. This allows
analysts to identify patterns, which are then used to forecast
expenses, categorize transactions, simulate financial scenarios
and recommend actions that are in the customer’s best interest.

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 PFM categorizes transactions automatically with
precise accuracy.

11 AI-Driven PFM - The Heart of Digital Banking

 Another feature that also contributes to the smarter use of PFM is
the possibility to leverage Open Banking and aggregate accounts
from different institutions and its transactions, products and
services. At this point, the solution shows even deeper insights
when it classifies, predicts or recommends based on data coming
from another institution.

Banks need to start making use of the

vast amount of transactional data that
they possess

AI-Driven PFM forms the essence of the digital banking experience.

The tool offers omnichannel access to the full suite of banking
features, being seamlessly integrated with core banking systems.
PFM categorizes transactions automatically with precise accuracy.
It can aggregate accounts from other institutions, from banks to
utilities, insurance, airlines and more. By providing the intelligence,
learning and analytics to guide users to sounder financial
decisions, PFM ultimately establishes stronger engagement
between customers and their bank.

GoldenAI

Like most characters in Ian Fleming’s Balance OK to Spend

literary universe, Strands’ AI-driven PFM $11,250 $900

is a sophisticated combination of brains

Cash Position

and beauty. Its core engine is streamlined $9,000

with a sleek interface that meets the best

practices for UX design. And what’s the
secret weapon of this new generation
of PFM solutions? The name’s insights.
Actionable insights. More on this later.

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 Designing a
Winning AI-Driven
PFM App
Putting the customer at the center is essential when designing
a new money management application. With the FinTech world
changing so fast, providing a smooth and fulfilling experience to
users is at the top of the list of the key differentiators within the
industry—together with leveraging AI and implementing an open
banking strategy.

Although digitization is not just about delivering cutting-edge user

experience (UX), it’s increasingly clear that customer satisfaction
depends on the experience users receive across all channels.
That’s why a slick UX is the ultimate engagement driver. At the end
of the day, every added-value service that a company can build will
end up reaching users through a channel and experience.

3 Steps to Design a PFM

Customers Will Love

1. Understand their needs

Banks should stop thinking in generalized terms such as “buyer

personas” and start to address the needs of their actual customers.
Being a so-called disruptor is pointless if what we’re selling doesn’t
provide a really useful benefit to people.

Strands’ research shows that the top priority for most banking
customers is getting a clear understanding of their financial
situation. That’s why it’s so important to provide them with tools
that allow them to easily assess and manage their living costs,
such as recurring bills and usual expenses.

Customers’ second priority is achieving financial wellbeing.

Families with kids, young workers or retired people, they all want
the same thing: to build a healthy financial safety net.

13 AI-Driven PFM - The Heart of Digital Banking

 2. Determine the best features to solve their problems

Now that we’ve identified the issues that need to be addressed,

WATCH OUT!
it’s time to think which features will help us fix them and how we
should design them. Getting back to the aforementioned pain
points, customers need a PFM tool that:

• Allows them to anticipate payments.

• Helps them manage their usual monthly expenses and set up
budgets.
• Notifies how much they can spend before falling into overdraft.
Once usual expenses are under control, PFM should provide
customers with insights to achieve and maintain financial
wellbeing. For example, actionable insights could help them put
money aside and set up a buffer goal, or recommend a savings
plan with a higher interest rate.

3. Keep it clean
Messages

Cash Position
Simple and intuitive. There’s no better way to describe a winning
Track PFM platform. Regardless of its core features and technology,
UX and UI design can definitely make it or break it for an app. A
-$135
Analyze
customer-centric approach to design is an absolute must.

Transfer Money Also, all the workflows and paths within the platform have to be
thoroughly identified, reviewed, tested and optimized. Development
Calendar

teams need to spend time ensuring that they are all as simple as
possible.

Another key to a seamless user experience are notifications and

actionable insights, which are an invaluable asset to keep flows
simple, easy to understand and effective.

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 How Insights Are Transformed Into Action

To make a personalization strategy profitable, banks need

to keep customers engaged and look out for their financial
well-being.

15 AI-Driven PFM - The Heart of Digital Banking

Banks could advise their customers with new strategies
to keep their finances up, like a personalized savings plan.
Or they could offer them a specific financial product which
can be beneficial for their situation.

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 Choosing the right partner is the
first step
Making innovation a core value throughout their organization is
not a mission that companies should undertake alone. Strategic
partnerships are the best way to overcome the challenges of the
current global economy and bring innovative solutions to the
market.

In the challenging FinTech space, all that glitters is not gold.

“When opting for white-label solutions, banks should carefully
vet the company’s data sourcing methodology to ensure it is fully
compliant with ever stricter data protection and privacy laws, and
that this compliance will hold true in their own market,” Business
Insider Intelligence’s Personal Finance Management Disruptors
report reads.

To achieve a successful emotional banking strategy, it’s essential to

choose a partner with a proven track record in artificial intelligence
and personalization.

17 AI-Driven PFM - The Heart of Digital Banking

The Heart of the
Matter:
Predicting Life Events
We’ve seen how PFM turns raw data into meaningful
data. We’ve gone through the basics of UX design.
Now it’s time to take a deeper dive into the heart of
emotional banking: how to predict life events and
present customers with personalized, actionable
insights.

Customers’ transactional data can provide a pretty

accurate general view of their life context. Through
machine learning algorithms, data scientists can
identify patterns and accurately predict significant
events in a customer’s life.

Let’s look at an example:

Real data: Family account (couple with one child).

By comparing their transactional data with other
accounts in a similar financial situation, we detect
that, in the last few months, their spending in a
FAMILY ACCOUNT specific children’s gear store is higher than usual.
KIDS: 1
Predicted context: Maybe there’s a new child on the
FINANCIAL POSITION: WELL way!

KIDS CATEGORY How can we help them: The couple doesn’t have any
HIGHER THAN USUAL investment plans. Is it the right time to start one for
NEW CHILD IS
COMMING
their kids?

With PFM’s targeted notifications, it is possible for

banks to inform their customers about their financial
situation and show them the most relevant solutions
and cross-selling offers via mobile, avoiding
noise and laying the groundwork for meaningful
conversations.

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 Did you know that personalized communications
are 9 times more effective than non-targeted
campaigns?

In a nutshell, AI-driven personalized, actionable insights:

• Recommend the best course of action at any given moment.

• Enable banking customers to make more informed financial

decisions.

• Help the bank address customer needs with timely solutions.

• Promote upselling and cross-selling, boosting return on investment.

In summary, AI-Driven PFM allows banks to keep one step ahead

of their clients, address their needs with timely solutions and
recommend them the best course of action at any given moment.
And what’s the AI-based component behind it all? Let us introduce
you to Engager.

WATCH OUT!

19 AI-Driven PFM - The Heart of Digital Banking

Engager: Making Real
Connections

Engager is Strands’ white-label, AI-powered analytics tool designed

to allow banks to transform complex data into relevant customer
insights and added-value solutions in real time.

When Engager detects an issue, it sends a message to the customer

explaining the situation and suggesting several solutions. This AI
tool helps banks to communicate in a more targeted way with
their customers through digital channels, while giving them better
insight into customers’ financial lives. This real-time, personalized
interaction does not only result in happy customers, but it impacts
directly on banks’ core business and boosts return on investment.

BANKS DATA

EXTERNAL
ETL RTI MERCHANTS
DATA
API HUB

LABEL
SIMPLIFICATION

CUSTOMERS
INSIGHTS
CATEGORY
MANAGER X

24/7 SELECTOR

FM INSIGHTS
DATA BASE PROCESSOR Z

CUSTOMER PREFERENCES

BACKOFFICE

strands.com 20
 Strands Engager
Insight-Driven user
engagement
Strands’ Engager helps banks and financial
institutions to transform complex data into
relevant customer insights in real time.

Engager transforms every • Monetize your customers • Retail banking customers

interaction into a guided and from end-to-end. Put your receive only the most rel-
meaningful conversation, data to the best possible evant solutions, avoiding
transforming complex data use. noise and making huge
into relevant customer insights savings
and added-value solutions • Help SMEs automatically
in real time. Interaction with reconcile invoices and stay
customers not only results on top of their accounts.
in happy customers, but
impacts directly on your core
business and boosts return on
investment.

21 Making It Personal - How AI is driving the banking

revolution
Strands’ AI-
Driven PFM:
Designed to
Engage

Making “Customer-Centric”
More Than A Buzzword

“Who hasn’t walked into their bank branch and got offered an
insurance they didn’t really need, obscure investment options or
a savings plan that wasn’t convenient enough? I have, and let me
tell you, that didn’t do much for my relationship with the bank or
the trust I had in my personal banking assistant,” says Stefi Gual,
FinTech product strategist.

Until now, retail banks didn’t have solutions within reach that
allowed them to understand their customers through their data,
so they had to follow a “from product to people” strategy (e.g., “we
need to increase our sales of personal loans by 20%, so let’s find
who is more eligible for that product.”) Luckily, white-label PFM
tools are helping to change this, and banks are starting to adopt a
new approach: from people –or people’s data– to product.

As stated by Business Insider Intelligence’s report Personal Finance

Management Disruptors, “having access to as broad a range as
possible of data sources on each customer is an effective way to
build a comprehensive and dynamic view of not only their financial
health and habits, but their life circumstances and interests.”

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 “Technology has changed, customers’
expectations have changed, and in order
to survive, retail banking strategies must
evolve, too.”
Stefi Gual, FinTech product strategist.

Going back to the example in chapter V, let’s say that a bank has
identified that a family customer has rented a new house on the
outskirts of town. Wouldn’t it make sense for banks to provide
them with compelling credit options to buy a bigger car? Or
affordable house insurance? As Stefi Gual puts it: “From a data
perspective, this is PFM’s organic flow: we detect a change in the
customer based on data, and we perform an action, the so-called
banker reaction.”

“Technology has changed, customers’ expectations have changed,

and in order to survive, retail banking strategies must evolve, too.”
Stefi Gual, FinTech product strategist.

How Strands’ AI-Driven PFM

Benefits Banks

PFM can help every department in a financial institution to be truly

competitive and add actual value to the business:

Marketing: Building a solid set of AI-driven PFM tools is a great

way to differentiate from competitors and win industry recognition
by positioning a bank’s brand at the forefront of innovation within
the financial technology space. Banks with their own team of data
scientists can upload their own set of insights to Strands’ PFM
solution, increasing brand consistency and personalization.

Channels: Online banking becomes instantly more attractive and

adoption rates start to climb when PFM is built using responsive
design, engaging UX and gamification. PFM users not only access
online banking twice as frequently as non-users, but also double
their time spent there due to an increased number of touchpoints.

Customer service: The bank that offers PFM is far more likely to
become a customer’s primary bank. Industry research indicates
that over 80% of users are pleased with PFM and will use it
regularly in the future. Retention rates can reach 98% among
PFM users, 25% of which say they are less likely to switch banks.

23 AI-Driven PFM - The Heart of Digital Banking

 Some banks have seen their
CHANNELS
closed accounts reduced by
MARKETING
50% after introducing PFM.
Differentiate
From Sales: PFM can help attract
Competitors
Adoption Rates new customers whose
And Win current bank lacks the tool,
Start To Climb
Industry
and push sales to existing
Recognition
customers. Cross and
SALES up-selling opportunities
are especially abundant
CUSTOMER SERVICE when personalized offers
Retention are built into PFM tools,
Rate Among
meaning the right customer
Pfm User
is offered the right product
at the right moment. In fact,
The Right Customer PFM users purchase up to
Is Offered The Right
Product At The
4x more financial products
Right Moment compared to non-users.

Implementing a PFM solution resulted in a

risk-adjusted ROI of nearly 25% with a payback
period of less than 24 months.

One Total Economic Impact (TEI) Study by Forrester Research

concluded that implementing a PFM solution resulted in a
risk-adjusted ROI of nearly 25% with a payback period of less than
24 months. The solution provided risk-adjusted benefits totaling
$16M over four years for the bank under scrutiny, including a
customer retention rate of 99% leading to cost avoidance savings
for acquiring new customers.

Empowered with the full picture of their finances, banking

customers engage more often and are proven more likely to
remain loyal. Plus, harnessing insights from data means banks
can understand and segment their customer base to offer them
targeted solutions relevant to their specific financial situation,
thereby boosting the growth of their business.

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 Success Stories:
Our Customers’ Words
“The alliance with Strands responds to
our pledge to make life easier for our
clients, connecting with their needs and
making leading technologies available to
each customer segment. Without a doubt,
it [implementing Strands’ PFM] is one
more step in our commitment to putting
technological innovation at the service of our
clients.”
Manuel Pan, Organization Director of Grupo Caja Rural
and RSI.

“With our new PFM application, we analyze all

the data related to income and expenses, and
we provide users with the possibility of gaining
a better understanding of how they spend their
money. For example, our customers have all
their spending organized in their mobile phones,
as the app automatically groups expenses into
categories so that they can be better managed.”
Fernando Giannoni, Digital Channels Manager at Banco
Galicia.

25 AI-Driven PFM - The Heart of Digital Banking

 “Piraeus Bank is the first smart PFM-centric
bank in Greece. We thank our partner, Strands,
for helping us deliver a whole new service
category to our customers. Delivering the
traditional banking experience via our digital
channels is our future.”
Stefanos Mytilineos, General Manager for Group Digital
Business at Piraeus Bank.

“Putting personal finance management at the

heart of digital banking gives way to smart,
personalized recommendations and advice.
Our new PFM will greatly simplify financial
management for our clients, and it will help
them make the right financial decisions.”
Archil Gachechiladze, CEO at Bank of Georgia.

strands.com 26
 10 Key
Takeaways
1. Customers would rather use online 6. Providing a smooth and fulfilling
money management tools on their experience to users is at the top of the
bank’s secure website than third-party list of the key differentiators. A slick UX
apps. is the ultimate engagement driver.

2. Banks need to start making use of 7. Empowered with the full picture
the vast amount of transactional data of their finances, banking customers
that they possess and provide their engage more often and are proven more
customers with tailored solutions. likely to remain loyal.

3. The heart of emotional banking lies 8. Strategic partnerships are the best
in predicting life events and presenting way to overcome the challenges of
customers with personalized, actionable the current global economy and bring
insights. innovative solutions to the market.

4. AI-driven, actionable insights enable 9. To achieve a successful emotional

banking customers to make more banking strategy, it’s essential to
informed financial decisions and help choose a partner with a proven track
the bank address customer needs with record in artificial intelligence and
timely solutions, boosting ROI. personalization.

5. Cross and up-selling opportunities 10. PFM can help every department
are especially abundant when in a financial institution to be truly
personalized offers are built into PFM competitive and add actual value to the
tools, meaning the right customer is business. Banks with their own team
offered the right product at the right of data scientists can upload their own
moment. set of insights to Strands’ PFM solution,
increasing brand consistency and
personalization.

27 AI-Driven PFM - The Heart of Digital Banking

Experts in Big Data, AI and Machine Learning since
2004, Strands creates highly-customizable digital
money management software for top-tier financial
institutions worldwide, and empowers people to be
smarter with their money. Strands has carried out
more than 700 implementations to date.

Authors
Marc Navarro
As Strands’ Communications Manager, Marc puts his writing and language
skills to use by crafting newsworthy and educational content on FinTech.
A former business journalist, his reporting has been featured in The Wall
Street Journal, Fox Business and MarketWatch, among others. Marc also
serves as Strands’ media liaison and is always on the lookout for potential
press opportunities and new stories to tell. @marcng_

Stefi Gual
Stefi is a FinTech product strategist. She has worked for leading digital
core banking software and consulting firms and has extensive experience
in offering high-quality technical and business insights. @stefigual

strands.com 28
 References
PFM, The Essence of Digital Banking Justify Investment In Digital Money
Management
Victoria Yasinetskaya, Nicole Harper, Erik
Brieva. Strands White Paper. https://strands. Forrester Research. https://www.forrester.com/
com/resources/ report/Justify+Investment+In+Digital+Money+
Management/-/E-RES98461

Why AI Is The Future of Financial Services

Personal Finance Management Disruptors
Louis Columbus, Forbes. https://www.forbes.
com/sites/louiscolumbus/2019/08/15/ Maria Elm, Business Insider Intelligence.
why-ai-is-the-future-of-financial- https://www.businessinsider.com/personal-
services/#7f128ed23847 finance-management-report?IR=T

Emotional Banking. Fixing Culture, Leveraging What do customers want from their banks?
FinTech, and Transforming Retail Banks into
Brands Boxley Llewellyn, IBM FinTech https://www.
youtube.com/watch?v=aekgCXMOJ9c
Duena Blomstrom. https://emotionalbanking.
com/the-book/
Gen Y Hopes Their Next Bank Helps Them
Budget Better
The banking tech trends that will dominate
2020 Jim Marous, The Financial Brand. https://
thefinancialbrand.com/39844/gen-y-checking-
American Banker. https://www.americanbanker. account-pfm-budgeting/
com/list/the-banking-tech-trends-that-will-
dominate-2020
Next Gen PFM: Contextual Money Management

Emotional Banking: Changing the Financial Jim Marous, The Financial Brand. https://
Paradigm thefinancialbrand.com/41300/contextual-
personal-financial-management-pfm/
Strands Blog. https://blog.strands.com/
emotional-banking

When Designing Banking Apps, Users Come PFM is Dead, Long Live FPM
First
Ron Shevlin, The Financial Brand https://
Strands Blog. https://blog.strands.com/desig- thefinancialbrand.com/47128/pfm-is-dead-
apps-users-first long-live-fpm/

29 AI-Driven PFM - The Heart of Digital Banking

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