FirstBank to Debut PFM Functionality
FirstBank is working to develop a PFM solution to debut to its customers, Bank Innovation has learned. The Denver-based institution hopes to go live with the new service by yearend, Chris Evans, senior vice president, tells Bank Innovation.
FirstBank, which has more than $11 billion in assets and more than 125 locations in Colorado, Arizona, and California, is currently developing the categorization piece of its budding PFM services, which will also include spending analysis and budgeting tools.
Because it processes transactions, the bank “gets more insights than a third party like Mint.com,” Evans says.
Still, there are plenty of challenges in building a PFM solution. Currently, FirstBank is striving to ensure the automatic categorization is accurate, Evans says.
But that’s not the only obstacle in developing PFM services. “Account aggregation is at the top of the list of what we need to figure out,” Evans tells Bank Innovation.
To troubleshoot the challenge, Evans anticipates that FirstBank will have to partner with a vendor.
Once the PFM functionality goes live, there’s also a chance that its online banking website will undergo a makeover, too.
“To respect our existing user base, we wouldn’t automatically [force] a new look… We’d probably offer the classic site as well as the PFM view,” he says.
Currently, FirstBank hasn’t made a decision on whether to charge for the service.
