Personal Finance Management. Elevating Customer Experience with 360 Degree Financial Insights

Amit Das

Table of Contents

Despite the deluge of digital apps for personal finance management (PFM), managing money has been quite a fragmented experience for customers. As the adoption of financial offerings sores, customers are required to remember not only their financial obligations like EMIs but also their investment schedules, among other things. Further, as investment options and avenues galore, having a 360-degree view of investments can also be challenging for customers.

As an asset manager or PFM platform, you would probably want your customer to get a bird’s eye view of everything under the sun when it comes to their money. Among the many platforms springing up today, a key differentiating factor for your app or platform would lie in elevating customer experience. Enter Account Aggregators (AAs), and this has become a lot easier!

How so? AAs serve as secure data custodians that allow financial information users (FIUs) like you to access all financial data of your customer that lies with financial information providers (FIPs) such as banks. This access is, of course, with the consent of the customer and encrypted end-to-end.

Personal Finance Management

Thus, AAs ensure access, accuracy, and security of data. But, the data you get from AAs is raw financial data such as bank statements. When you’re looking at enriching customer experience, making sense of this data is vital not only for you but also for the PFM user.

Areas where data analytics TSPs can enhance the personal finance experience

A data analytics TSP can help churn data from AA to make it valuable. By integrating TSPs in your AA journey, you can give your customer a complete view of their financial situation, upcoming repayment obligations, upcoming investments, spending habits, investments, and more. Isn’t this an integral part of a PFM service? After all, your platform is not just about selling but about helping customers sort out their finances better

AAmaze’s PFM solution – Taking personal finance up a notch

Personal Finance Management
  • Expense tracking: AAmaze can help analyze spend patterns of users and nudge them on appropriate actions to encourage good financial habits. For instance, if the user has been spending more than normal and has inadequate balance to service upcoming EMIs, they will be made aware of this.
  • Consolidated balances: By aggregating data with the help of AAs, AAmaze can make it possible to show all the balances the user has under a single dashboard. The user now knows where they stand in terms of overall bank balance in real time.
  • Mutual fund analytics: Mutual fund investments are not easy to track. There may be multiple fund houses involved if the user has invested through the direct route. This can lead to a cumbersome review process. Moreover, different fund houses are affiliated with different RTAs. A holistic view of the user’s MF investments can be made possible AAmaze. Within MF, there are many more insights AAmaze makes possible to significantly optimize the customer’s investments.
  • Equity: From the current value of the customer’s holdings across brokers to market cap categorization, AAmaze makes equity investments smarter.
  • Insurance: Insurance insights like policy details, risk analytics, etc. can easily be made available with AAmaze to the PFM as well as user. The user can know whether they are over or under-insured, when their premium is due, and more.
Personal Finance Management

By encompassing insights across personal finance avenues, AAmaze has the power to turn your PFM or wealth management app to a holistic PFM assistant for the user.

But, what’s in it for your business?

While your user engages more with your app for convenient financial management, you get deeper insights into their financial behavior with AAmaze. From this hyper-personalized insights at scale, your brand can identify any scope for up-selling and cross-selling financial offerings. These opportunities may be in the form of suggesting mutual funds, insurance, or any other products that may suit the user’s financial profile. This intelligent decision-making is possible across the customer life cycle and in near real-time.

But, this is only the tangible aspect. Sensible engagement and more value-added interactions can truly win your customer’s trust. The seamless and holistic PFM experience that you provide to your user can go a long way in retention, word-of-mouth referrals, and in turn, repeat business.

Integrating a data analytics TSP with AA can indeed be a win-win for your business and your customers.

Talk to us about how AAmaze can help you scale your business while delighting your customers.

If you need to know more, schedule a call now!