Personal finance management (PFM) tools will be transformed by AI functions that access all the financial data unlocked by open banking. To make a real difference in consumers’ lives—and in their engagement with banks—the next generation of PFM tools will need to acknowledge and work around human weaknesses.

Key Question: How must banks evolve PFM tools to reap the benefits of higher customer satisfaction and retention and more opportunities to cross- and upsell financial services?

Key Stat: Just 16% of US adults use budgeting and savings tools despite their ubiquity in digital banking apps, per a Capital One survey. To become a must-have function that strengthens banking relationships, PFM tools must evolve into intelligent assistants.