PFM: Drive Digital Banking To The Next Level


As the number of online banking users continue to increase at an exponential rate, the demand for banks to reshape their digital banking landscape and improve their online banking experience has also increased more than ever.

A recent calculation published by Business Insider -Square reveals that the total value of payments made using mobile devices will amount to $503 billion in 2020.Customers are relying on online banking for nearly everything whether to check their balance, engage in online transactions, transfer funds, view financial statements or to shop online from credit cards. These evolving consumer needs are driving banks to adopt digital transformation, modify their products and find a digital financial tool that can enable them to meet the needs of customers.

According to a survey conducted by Bank rate, 64% of millennials and 59% of Gen Xers said they have at least one full-service banking app on their phone. This underlines why banks need to develop a finely tuned banking app that can replace meaningless complexity with simplicity and that’s where PFM white label comes into the picture. It can simplify the online banking experience and adds actual value to the user experience.

PFM is a digital money management tool that allows users to manage finances efficiently. It can seamlessly integrate into the banking app and consolidates customers’ financial transactions, budgeting, and saving goals’ information all in one place. It generates data-driven leads and actionable insights which enables banks to make informed decisions and offer the right product to the right customer at the right time based on their financial activities.

By integrating PFM into online banking services, banks can revolutionize their users’ experience by providing them with a variety of features that can help in their day-to-day financial activities. PFM empowers banking customers to view all accounts in one place which provides a holistic view of their finances and enables them to always stay on top. Customers can set up accounts and monitor all financial activities effortlessly. Another feature is the expense tracker which enables bank customers to keep tabs on their expenses and manage cash flows effectively. Customers can log their daily expenses and effortlessly view their day-to-day financial activities on the app. PFM also acts as a budget manager as it automates budgeting and intuitively allows customers to budget their expenses. It encourages customers to set monthly budgets for various expense categories and when customers record expenses against the labeled budget category, it automatically updates the budget and reflects the change.

Auto-categorization is another useful feature of PFM as it automatically categorizes all financial transactions into relevant categories and transforms the information into interactive visualizations which makes expenses tracking more convenient for customers.PFM also serves as a great analytics tool which empowers customers to view all financial activities in consolidated, clear and easy to understand graphs and visuals which help them understand their financial habits easily. In addition to this, to assist users in achieving their saving goals, PFM works as a wealth management tool that helps bank customers in developing saving habits and achieving financial goals. It enables customers to set up both short-term and long-term saving goals and makes progress tracking incredibly easy by sending notifications and alerts on goal progress. PFM also helps customers receive personalized and relevant alerts based on their financial activities which enables them to make more informed financial decisions.

Where PFM facilitates bank customers on so many levels, it also imparts a variety of benefits to banks that help them improve their overall performance. As customers share their financial needs and goals, PFM allows banks to offer personalized offers to customers and increase meaningful engagement, which consequently helps in increasing retention and building long term loyalty by responding to customer needs with an intuitive personal finance management tool. AI-driven, actionable insights also enable banks to respond to emerging customer needs with the right products and increase ROI by providing customers with a digital money management tool that consolidates all financial information in one place. Moreover, it also enables financial Institutions to identify the cross and up-selling opportunities which eliminate the meaningless targeting and adds value to the product offering which ultimately enables these institutions to offer the right product to the right customer at the right time.

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How to set a budget?
To set budget to pfm, tap on budgets then tap on ‘’create new’’ budget button. You can choose category and allocate amount for budget.
How to add a new transaction?
To add new transaction, you can tap on plus button (bottom), select transaction type, add amount, select category, select account, to add detail (optional) you can add description, tags, location, receipt etc. In case of recurring transaction set time interval.
How to filter out past transactions?
Tap on filter icon to filter out / sort transactions by category, amount and transaction type.
How to set saving goal?
To set saving goals with hysabkytab tap on create new option, name your goal, add amount, set target date, add tags (optional), choose icon (optional), tap on create saving goal option.
how does tag work in hysabkytab?
Tags work just like a sub-category in hysabkytab. For example, you added an expense transaction for rs.350, category (transport), account (cash) and you added a tag name (uber). Now you can search through your tag. To search, tap on history, tap on search bar, type your tag name (uber)
How to change personal accounts into income and expense accounts?
New hysabkytab has person account only for lending and borrowing. You can change your previous personal account into income and expense accounts. For that create a new cash account with same name, but don’t enter balance, then make a transaction of transfer (from old account to new account with initial balance).
Why hysab kytab asks for camera access?
Certain features in hysab kytab requires access to your camera/gallery for example if you want to attach receipts with transaction, or you want to post sale alerts, in those scenarios you are required to give access to your camera/ gallery.
Why hysab kytab asks for my location?
When you try using the feature of adding place to your transactions, the app requests your permission to give access to location services. If you allow the app to access these location services, you will be able to see what places you are spending your money at.
How to change a currency format?
You can adjust decimal according to your need, to change currency format, tap on left drawer (top left), tap on setting, tap on currency format (change by scrolling down)
How does reminders work in hysabkytab?
You can set reminder for any type of transaction. To set reminder, tap on left drawer, tap on reminder, tap on add button, set type, title, time, interval, date.
How to change time interval?
To change time interval, tap on money, tap on calendar icon (top right), change interval according to your choice002e
How to set 4-digit passcode?
To add extra layer of security, you can set 4-digit passcode on your hysabkytab app, to set 4-digit code, tap on left drawer, tap on setting, tap on security, set 4-digit pin.
How to create a backup on hysabkytab?
To take backup, tap on left drawer, tap on setting, tap on backup, you can either take backup on your device or google cloud.
After changing phones, how do i transfer my data from one phone to another?
you will have to create a backup on your google cloud from your old phone. If you are logged with the same google account in your new phone, you can restore the data from your google drive. Once restored, all your data will be retrieved automatically.
Cross platform backup
Hysabkytab does not support cross platform backup, you can only restore android backup to another android device only.