A PFM ( Personal Finance Management ) solution is a software that enables one to have control and a better understanding on their financial state. It can be use both ways, either to lower your debt or to increase your wealth.

Standard PFM features include visual analysis of one spending over a selected timeframe (eg: month by month, year by year) and the breakdown of one’s spending in different categories such as travel, food, entertainment, etc. Depending on the PFM provider, features such as payment reminders, spending limit alerts, loan calculators and life goals planning may be included.

Three types of PFM solutions are generally available; offline (stand alone programs that you can buy off the shelve and install in your computer or manual book keeping books), online solution (be it on the web or mobile) where you have to key in your details to a third party site and finally as an embedded offering provided by Banks and financial institutions within their online platform. The advantage of the latter is that data entry is integrated so that you do not need to individually key in each and every entry of your spending.

Why is it needed? One needs to keep track of their spending and manage their money. Some do not know how to / no knowledge to do so whereas others do not have the appropriate tools that is meant for this purpose.

Most of the time, people are in the blind or in denial over their financial health. This ignorance has caused many to live on debts or having insufficient cash to cover for unexpected emergencies.

Problems with existing PFM has been that it is complex for consumers to use not automated and what is in the market so far is a stand-alone passive tool. There is no action point, integration or follow up in-built into the system. However, this is changing.

Account aggregation is now becoming a complementary solution to PFM. It is quite common for people to have multiple bank accounts, debit and credit cards.  Banking account aggregation feature allows you to pull all the data into one place giving you a consolidated view of all your accounts.


Perfectsen is a provider of easy to use customized / white label PFM solution with improved user experience and account aggregation capabilities.