A lesson in Personal Finance Management

by Grace Carroll on 26 March 2010  |  1 comment
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We want to help you put your money where your mouse is. Find out more about the new kid on the Personal Finance block...

PFM, or Personal Finance Management, has had more incarnations than the Sugababes line-up. Like the latest band member, no one’s quite sure what to call it. The purpose of this blog is to ease your confusion as we guide you through the future of online money management. We also plan to be a one-stop shop for all the latest industry news and gossip.

Defining PFM

As the name suggests, Personal Finance Management allows you to manage your personal finances. You don’t need to log into 6 different websites to get all your balances. Instead, PFM allows you to view all your current accounts, savings accounts and credit cards in one place. It provides the customer with the convenience of remembering only a single internet banking password with built-in security to protect data.

The feature gives you far greater control over your finances, allowing you to:

• Monitor your finances more carefully
• Budget more effectively
• Make greater savings

You may already be familiar with PFM without fully realising it. PFM is also referred to as online banking, account aggregation, linking accounts, money management application or online money management.

Privacy and security

Understandably, many people are worried about security.

When it comes to lovemoney.com’s service, we believe we’re offering a very high level of security. Our US partner, Yodlee, is the leading provider of PFM solutions to millions of customers worldwide. In ten years, there has not been a single security problem reported.

It’s also worth mentioning that all information is fully encrypted which means that your details are completely safe and private. What’s more lovemoney.com’s service is a read-only system, so you cannot move money around.

You can read more about our service here.  And we also have some security FAQs for you to look at.

The PFM grapevine

This blog isn’t going to be all about lovemoney.com’s online banking service. Our primary objective is to create a forum of impartial debate and discussion surrounding PFM. We’ll be writing about the industry worldwide and also about rival services in the UK.

It is our view that PFM will inevitably become a trademark of everyday banking. Many other financial commentators share the same opinion. Here are some useful links...

UK

Blogs

Pickled Shark: Online banking usability and the dreaded card reader

Newspaper articles

Telegraph: Account aggregation, new kid on the block

The Times: The free and easy alternative

The Times: Access all your accounts with only one password

Other print publications

New media age: Online banking in the UK sees 505% growth

America

Blogs

The Total View: the first blog focused exclusively on financial Account Aggregation

Newspaper articles

American Banker: Changing the standard recipe for PFM

Other print publications

Financial Advisor: Aggregators attract renewed interest

Australia

Website

Online banking review: Aggregation Angst

Blogs

Lifehacker: ANZ Money Manager organises accounts from multiple banks

India

Website

Silicon India: Yes Bank launches ‘Money Monitor’

Newspaper articles

The Times of India: Artha offers money mgmt application

Stay tuned for lots more news and information on the wonderful world of Personal Finance Management!