Vendor's Poll Finds PFM Uptake
More than one third of American adults now use online personal financial management (PFM) tools from their financial institutions and nearly half had switched banks or credit unions recently.
That's according Intuit Financial Services and based on results of the Westlake Village, Calif., online banking company's third-annual online financial management survey it said was done by Decipher Research in September among 1,250 adults across the United States.
While half of the respondents said they primarily still use spreadsheets and checkbook registers to manage finances, more than a third use online tools, a 27 percent increase from last year's survey, the company said.
And just more than 25 percent of them said they now only visit their local bank or credit union branch once a month, while 52 percent said they would leave their current financial institution for one that offers better money management capabilities.
The company also announced the debut of www.banking.com, a new platform for providing industry information and discussions for credit unions and banks.
Intuit Financial Services said it now has about 1,900 customers, about half of them credit unions.