We decided to put our banking experience to good use! Our team worked on the next generation banking product - enterprise personal finance manager "Loren".
Download data sheet for Loren - Personal Finance Manager.
E-mail us for a demo or presentation at your place: email@example.com
What is enterprise "Personal Finance Management?"
Loren is a system for managing personal finances, deeply integrated into core banking systems. It automatically arranges transactions in groups and allows the user to monitor his incomes and expenses, using budgeting and reporting tools. This type of system is known as a Personal Finance Management tool (PFM) and is one of the most frequently used tools in online banking. PFM tools are available in two forms:
- On premise solutions
- Cloud solutions
The cloud approach has significant drawbacks to the bank:
- Banks are becoming platforms and losing a part of control
- Banks are missing out on: direct charges for PFM subscription, cross-selling opportunity, aggregating competitor data, acquiring new customers and keeping the loyalty of existing customers
Even in the United States of America, 7 out of 10 largest banks are offering on premise version of PFM. In Europe, most of the banks are offering PFM on premise.
Benefits for the bank
What’s in it for the bank?
- New revenue stream via customer subscription to the PFM service (fast ROI)
- Increased card processed transactions – Loren encourages users to pay more with cards. When they pay with cards, data accuracy is their Loren reports are better
- Market positioning as a leader and innovator
- Added value to customers