Personal Financial Management (PFM) is a use case that helps users manage their money. PFM generally allows users to categorize transactions and add accounts from multiple institutions into a single view. It can also make comparison of products and personalized recommendations.
Includes: Balance and Transaction History
Benefits
Consumers can understand their full financial health, benefit from financial management tips and sweeping features to reduce fees, service debt and save larger proportion of their income.
FIs can understand their customers’ history, their trends, risks and opportunities for them. It can help create the aggregated picture from across all their financial services products.
Industry
Banking
Category
Data
Consumer
☑️
SME
Corporate
API Functionality
Key APIs
GET /accounts
GET /balances
GET /transactions
Optional APIs
GET /beneficiaries
GET /direct-debits
GET /parties
GET /product
GET /scheduled-payments
GET /standing-orders
Benchmarking
Location
Type of Use Case
Reference Players
Usage
Best-in-class Example
UK
Mandatory - implemented
Monzo, Barclays, Truelayer
55% of data users using PFM tools to reduce fees and costs*