Innovation is democratized: The “white label” Expense Manager arrives

Fintech tools are not only for a few privileged ones... The integration of new modules into the digital platforms of banks and insurance companies is undergoing a revolution with APIs (application programming interfaces). Find out everything you need to know to retain the most unfaithful customer of all time!

Table of Contents

Do you really know your potential customer? Then you’ll recognize that he likes to be in control and… switch brands. Especially in financial matters. Although many are not old enough to know the famous Spanish Ads, most of them: “search, compare, and if they find something better…” They abandon you! Because, why are they going to stay if they get something better in another entity?

Enough of self-deception, you need to modernize in terms of innovation.

Fintech: Financial technology you should be part of

The Personal Finance Manager (PFM or personal expense manager) has positioned itself in recent times as the star tool in the sector. Your customers will be able to manage their expenses, income, investments, etc., while you increase the quality of your data. This allows you to develop trading strategies that will enjoy unprecedented success. You will learn about consumption habits, areas for improvement, risky behaviors, upselling and cross-selling opportunities…, to name a few.

And it is that the digitization of the banking sector continues unstoppable and goes with the user at every step of the journey. Mobile payment solutions, applications to manage budgets, investment platforms, configuration of automatic rules and customization of alerts, all in the same place, without leaving your app and guaranteeing an exponential increase in usage time. Here you will find out how to get the most out of this technology.

New call-to-action

The natural evolution of the Expense Manager

As the BBVA blog indicates: “Since the arrival of the PSD2 regulation in 2018, the security of payments in Europe has improved and innovation has been encouraged, facilitating the adaptation of banking services to new technologies.” This regulation highlighted the importance of APIs in the financial world. By allowing the integration of different systems and the secure exchange of data between different platforms and applications, now we have a 100% digital banking ecosystem.

But it didn’t stop there. The time has come when companies could also take advantage of social platforms to interact with users and collect information about how they use, perceive and talk about their products. Transparency is key and this 24/7 exposure also means an opportunity for banks and insurers. It’s time to stand next to the consumer to offer financial advice, increase their education in economics and help them make the best decisions.

White label integrations protect your image

If you want to guarantee the best user experience, it is important that all the modules that are integrated via API into your platform maintain visual coherence. As Deloitte points out in its Digital Banking Maturity Report, respecting the corporate image throughout the process is vital to reduce the abandonment rate, increase customer loyalty and trust, increase security and improve the perception of your brand.

Few things speak of you like your UX, and that is why you must take care of it. It will help you stand out from the competition, boost engagement and improve retention. White label developments adapt perfectly to the look&feel of your entity so that the user can navigate smoothly between the different options on the site. To further enhance your experience, the PFM (or “expense manager”) modules feature a dashboard that displays:

  • Graphics with the financial situation in real time.

  • All bank accounts (even those that don’t belong to your entity).

  • Prediction and programming functions.

  • Customizable alerts.

New call-to-action

Benefits of the Expense Manager

The expense tracker improves the lives of users on an individual level and has a significant impact on society at large by promoting more responsible and conscious financial management. With the advancement of artificial intelligence, machine learning, and data analytics, PFM is expected to be able to further adapt to the economic circumstances of users.

What are the main advantages of this tool:

Automated budget management

PFM uses algorithms to analyze spending and income patterns, creating a personalized and realistic budget.

Smart Savings

Users can set specific, achievable savings goals. The module automatically analyzes the progress and suggests strategies to increase the digital piggy bank.

Assisted Investments

Offers investment guidance through predictive analytics, based on sentiment analysis and AI, allowing users to make more informed decisions.

Personalized alerts and notifications

It is capable of sending proactive alerts to remind users that they have pending payments, deadlines and investment opportunities.

Here is an article about Personal financial management works with artificial intelligence

The Expense Manager is a revolutionary tool in the Fintech world and its management capacity empowers users and allows them to achieve their financial goals with greater ease and efficiency. If you are looking for a single development that is capable of multiplying your business volume in a short time, this is your product!

Do you want to know more about white label FinTech developments? Here we leave you an article. Thanks for reading!

Sign up for our newsletter and get our top stories delivered straight to your inbox