MEDICI Launches Report on Best of Financial Guidance and Money Management

MEDICI released its new report on ‘Best of Financial Guidance and Money Management’ on September 25, 2020. In this research report, MEDICI takes a deep-dive into the top Financial Guidance and money management platforms and apps globally. We analyze the reasons they are hugely successful and try to gauge what makes them stand apart. We distill the key learnings from our in-depth analysis and make inferences on best practices to increase PFM adoption among consumers.

Key Highlights
Managing personal finance does not come naturally to most consumers. It has a low index of instant gratification and requires conscious involvement and discipline. For this reason, personal finance and money management happen to be some of the hardest things to retain consumer stickiness in.

Key success factors that determine the quality of financial guidance are simplicity, contextual insights, continuous user engagement, focus on goals & gratification, and financial decision-making guidance.

Analyzing income & spend, budgeting, and financial goals are equally important, but effective financial guidance comes when the interdependencies between the three are understood well. Consumers not only need to be provided with insights but also need to be nudged into appropriate actions.

Best practices for a successful personal finance offering should be looked at in these angles: User Behaviour, Financial Guidance & Advisory, User Experience, and Technology/Automation.

During our research for this report, we analyzed over 100 PFM and money management platforms and apps globally; we did multiple rounds of down selection to arrive at the best apps currently across North America, Europe, and Asia. Some of the apps covered in this report are also enterprise platforms making them an elegant choice for banks and other FIs to adopt and integrate into their banking apps. Instead of a functionality-based assessment, we evaluated apps based on how smooth and barrierless the consumer experience is, how gamified and habitual the interaction is made to be, and, more importantly, how well consumers are guided and advised through their financial lives. During this study, all our learnings have been distilled into best practices across technology & data, consumer experience, user behavioral aspects, and financial guidance.

‘Best of Financial Guidance and Money Management’ will be available starting September 25, 2020, for USD 400. For more information on the report, visit

Leave a Reply

Your email address will not be published. Required fields are marked *