BANKING
“ It is imperative for both customers and providers to possess a comprehensive understanding of the AI decision-making processes and not simply rely on AI blindly ”
VILLE SOINTU HEAD OF SOLUTIONS & STRATEGY FOR MOBILE FINANCIAL SERVICES , ERICSSON
Elias Ghanem In a world characterised by significant economic challenges , including geopolitical instability , market volatility , rising living costs and escalating interest rates , the financial wellbeing of individuals is facing unprecedented challenges , leaving 69 % of retail banking customers classified as financially unhealthy .
Personal financial management ( PFM ) apps are an increasingly important part of the strategy for banks to deepen their relationships with customers . From 2022 to 2023 , the personal finance software market size grew at a rate of more than 6 %, and this upward trend is forecast to continue , with the market size reaching US $ 2.2bn by 2027 at a steady CAGR of more than 6 %. PFM apps enable customers to access a consolidated view , including bank accounts , credit cards and loans empowering customers to take control of their earnings and spending . Banks are going beyond this now to provide more value for customers , from leveraging AI to provide smart insights and tailored investment advice , to offering financial planning tools .
80 December 2023