The overall benefits of offering a personal financial managementsolution have been well debated. What is less debated is thatconsumers are interested in having PFM options.

Javelin Strategy & Research recently evaluated the state ofPFM and found that nearly one in two U.S. consumers want a singleview of their finances in one place. More than half of thosesurveyed said they would be most likely to use a PFM tool offeredthrough their bank or credit union.

PFM demand has been driven by an evolving industry landscapethat places more emphasis on self-service and remote deliverychannels. No longer is PFM viewed as simply a budgeting tool, butinstead a way for members to truly get a grasp of their financesand a way for credit unions to solidify current memberrelationships. With financial institutions losing account holdersat an average of 8% a year, this becomes pretty important.

However, not all PFM tools are created equal. Here are fiveessential features to look for in a PFM.

Unique Mobile User Experience

Account holders don't just expect an engaging and interactiveuser experience, they demand it. Now, they demand it on theirsmartphone, tablet and desktop. In a world where mobile app use isovertaking traditional Internet channels, everything is expected tocater to a mobile device. This is especially true for PFM. Userexperience depends on a member's ability to manage their financesat anytime, and from anywhere.

However, just offering a mobile option is not enough. Tomaximize mobile PFM, a mobile device must provide an interactive,easy-to-navigate user interface that gives members the same greatexperience they receive on a desktop. If not, account holders willeither lose motivation or find someone else who provides the mobileexperience they want.

Account Aggregation

Of the 17 specific PFM features evaluated in the Javelin study,“viewing all account balances in one place” was the feature mostrequested by respondents. Accurate account portrayal in onelocation is especially important today. FICO reports that consumershave an average of 13 credit obligations, not including checkingand savings accounts. With so many accounts to manage, aggregationis becoming a financial necessity, not just aconvenience.

The key to successful account aggregation is instantaneoussynching. With members expecting immediate access to information,it's important to offer a PFM solution that quickly and securelysyncs all financial account information across eachchannel.

Expense Tracking

There is power in knowing where your money is going. Accountholders need to know what they spend, where they spend and whenthey spend. Your PFM should offer spending history in real time andbe presented in a way that engages members to stay on top of theirtransactions.

By providing a place for members to meaningfully interact withtheir finances on a daily basis, the credit union positions itselfas a partner in the member's pursuit of their financial goals. Aresponsible spending account holder will also have added capital toinvest in the institution.

Creative Budgeting

Needless to say, people are generally not excited aboutbudgeting. However, it's been stated that more than 80% ofAmericans consistently spend more than they make. Not surprisingly,a recent National Financial Literacy Survey states that 56% ofhouseholds don't have a budget at all. Though a good PFM planoffers far more than simple budgeting capabilities, successfulfinancial management depends on responsible and thought-outplanning.

To motivate members to budget wisely, PFM needs to be creative.Pie charts and bar graphs are boring, and don't clearly portraybudget status. Find a PFM that offers engaging and eye-catchingways for members to tackle budgeting. If the process is enjoyablethey will begin viewing budgeting not as a hassle, but as afinancial quest, introducing an element ofgamification.

Debt Management

The average American is approximately $47,000 in debt. To putthat in perspective, it is more than the average American makes ina year. With discouraging numbers like this, PFM tools that simplypresent overall net worth serve as a depressing kick in the gut toits user. Instead, your PFM should help account holders manage debtand set debt reduction goals.

Choose a PFM with features that help members understand theirdebt, including: what is owed, how long it will take to pay off andhow much principal vs. interest is being paid. Your PFM should alsohelp members make personalized debt reduction goals based on actualspending habits and present net-worth in small, manageableincrements. By doing so, dedicated PFM users will be motivated byweek-to-week improvement on their road to positively changing theiroverall financial outlook.

BretSkousen is is EVP of MoneyDesktop in Provo,Utah.