Personal Financial Engagement Solutions for Retail Banking

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9 May 2024

A Profile of Solutions to Move Beyond PFM


Retail financial institutions are quickly realizing that customer engagement isn't just good business, it's increasingly how banks are delivering value to their customers. Done well, each customer interaction cements the value of the customer’s bank relationship in their minds. Institutions can delight customers by creating well thought-through proactive engagement opportunities that align with diverse value-drivers based on individual customer needs and desires. For some customers it is financial wellness and for others it may be accommodating high security awareness, saving for a down payment on their first home purchase, or reducing their carbon footprint.

Fueled by the recent dramatic rise in inflation and advances in AI-powered decisioning capability, financial wellness has captured the bulk of proactive customer engagement use cases. In Celent’s view, AI’s key contribution to retail banking is its ability to proactively improve individual customer financial resiliency. Helping customers improve their financial wellness should have been a core value proposition for every bank and credit union on the planet but has only been an area of focus for banks over the past few years. Vendor-provided prebuilt models are most institutions’ path to delivery.

Institutions intent on improving the financial resilience of their customers have many vendor solutions from which to choose. We unpack solution capabilities and compare vendors in this SolutionScape.

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