Banking: how to help your customers with their personal finances

by Infocorp News
Digital Banking Infocorp
Infocorp 3 min. read

Webinar: How to capture +200 thousand new digital customers in a month?

In times of uncertainty like the ones we live in, personal finances occupy an even more important place in people's lives. It can be a real challenge to project certain expenses like your children school’s fees, vacations or the purchase of a new automobile.

People, more than ever before, expect to receive outstanding and personalized customer service enabling them to make better decisions.

In addition to accelerating the growth of digital banking, the current context opens new opportunities for banks to become real financial benchmarks for their clients. And this is not about sending them generic information about financial offers but to provide them with tools and specific services as well as suggestions and personalized messages about savings, investments, expenses, etc.

We’re talking about the customer service the bank offers to its clients through customized feeds not only providing them with news impacting the finances of each user but also alerts related to the accounts (balances, future due dates, etc.), insights on how market changes affect investments, expenditure pattern analysis, invoice reviews alerting on anomalies, notifications on services with best rates, among other examples.




32% of Millenials, and 34% of Generation X are concerned about their family having difficulties paying the rent and services during COVID-19’s pandemic.

Source: Health Reform Monitoring Survey



Even if several personal financial management (PFM) digital tools and services were already represented in the agenda of some financial institutions, the truth is that the next revolution on personal finances is a lot more comprehensive and combines technological platforms with specialists and consumers. This integration is also linked to a powerful engagement from the clients.


Personal finance under control

The needs of each client occupy the center of the new personal finance experience. Bringing the client closer to the bank to offer them the possibility to visualize what is their ordinary monthly consumption helps them forecast expenses and specify savings to achieve timely goals. In the same manner, the bank sends alerts in real-time to avoid overdrafts, based on the minimum amounts the client selects in the balance of his account, hard data your bank provides in personal finance.

Effective management of your personal finances is crucial in people’s lives although the task may become more demanding. In fact, 75% of Millenials consider their financial life as somewhat or extremely complicated.

This is why banks focus on marketing their financial benchmarks and provide efficient customer service through practical options guaranteeing the long-term financial security of their clients.



Only 26% of the adults interviewed in 26 countries demonstrated to have the appropriate knowledge on basic money management and savings.

Source: OECD/INFE 2020 International Survey of Adult Financial Literacy



How can bank services be valuable in people’s lives?

The services entities offer include automated savings programs specifically oriented to process small and regular deposits. In this way, clients select the amount to be transferred and the periodicity: this method is particularly useful to achieve objectives, including kitchen design renewals, changing the automobile or traveling.

infocorp 2

Almost 50% of clients assert that trust and a good investment record are the main reasons to select a financial advisor.

Source: Qualtrics Experience Management

infocorp 1

At the same time, it’s interesting when people no longer have to find an application outside the bank to track and categorize their expenses, set savings objectives or devise an expenditure plan. Indeed, banks can offer online or mobile budgeting tools to offer clients the capacity to control their finances more effectively by integrating them with other apps and banks through Open Banking.

Furthermore, developments in omnichannel banking assume the possibility to process check deposits in the mobile application. Another way banks save time for their clients is through automated and online payments of all their invoices, in order to guarantee payments are processed in due time and proper form avoiding delay charges and improving their credit history.

The truth is financial services have evolved, and consumers are demanding more efficient services from banks, including more online presence and proactive customer service. The trends introduced in the previous examples reveal how a bank positions its financial benchmarks and banking technology to offer its clients a more convenient, pleasant and safe online banking experience so personal finance solutions don’t become a headache. Furthermore, tailored-made banking solutions and services enable the clients to efficiently specify personal and family objectives.


infocorp 3


Is your bank ready to become the financial advisor your clients are looking for?

Infocorp is providing you with financial advice to take the next step.

Get in touch


Infocorp News
Infocorp News