"Do you still love me ?". As the world goes digital, this is perhaps the question that every bank has in its mind.Innovative technologies and the availability of funding has meant that there is no dearth of innovative startups impacting different facets of banking. Lending, investments,payments,wealth management or just simple everyday banking, fintech startups have exploited weaknesses and have offered more to customers than banks ever will. So what can banks do ? The easiest thing to do would be to acquire one of these startups or to build one. Does this get them the loyalty of their customers ? The answer is still no.

Today's customers want to be wooed. They want to be engaged. They want their bank to offer them more than banking.For this to happen, banks need to think of themselves as more than banks. They need to be a part of their customers life and more importantly add value at every possible stage. The simplest and most effective way to do that would be through a Money Management Solution. Afterall, who wouldnt want their bank to tell them how to save/make (through offers) money. And, if my bank were to help me achieve my financial goals and provide me insights on my financial behaviour that would help me align with my goals in life, then I would be thrilled ! 

Unfortunately, this is not the case today. Banks would argue that they have adopted and implemented PFM solutions for their customers, but the fact of the matter is that these solutions are not engaging enough for the customer to adopt them. More importantly, customers dont necessarily think that these solutions will add value to their daily lives.

Engaging the customer is an art. Banks have the intention to engage their customers but real engagement requires more than just engagement. In the words of the famous French novelist,Gustave Flaubert,"“You don’t make art out of good intentions.” !!