PFM, BFM, Financial Butler, Financial Cockpit, Account Aggregator… - Will the cumbersome administrative tasks on your financials finally be taken over by your financial institution?
1. Introduction Personal Financial Management (PFM) refers to the software that helps users manage their money (budget, save and spend money). Therefore, it is often also called Digital Money Management . In other words, PFM tools help customers make sense of their money , i.e. they help customers follow, classify, remain informed and manage their Personal Finances. Personal Finance used to be (or still is) a time-consuming effort , where people would manually input all their income and expenses in a self-developed spreadsheet, which would gradually be extended with additional calculations. Already for more than 20 years, several software vendors aim to give a solution to this , by providing applications, websites and/or apps. These tools were never massively adopted, since they still required a lot of manual interventions (manual input of income and expense transaction, manual mapping transactions to categories…) and lacked an integration in the day-to-da