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Misys - FusionBanking

Misys’s vision is to transform the global financial services industry by making financial institutions more resilient, more efficient and more competitive. Banks need to attract customers and build a stronger relationship with them and Misys believes that its FusionBanking Essence Personal Financial Management solution is an excellent tool for it.

What is PFM

PFM (personal financial management) solutions can be defined as a set of integrated online and mobile tools for money management, which can be either standalone or part of the Online/Mobile Banking platform. Traditionally, PFM solutions offer the following key features:

Misys PFM


Online banking and PFM date back to the beginning of the 1980s. In its early days, PFM didn’t receive much attention. It was only after’s success in 2007 that PFM started to penetrate banks’ offerings. Banks saw PFM, among other things, as a great tool to increase customer satisfaction, loyalty and retention and believed that it would be the next big thing in online banking. The following results have been achieved by various banks who adopted PFM in the last few years (Misys Market Insight, 2014):

1. Increase customer satisfaction:

  • 66% of users say PFM has helped them see how they can improve financially.
  • About 40% say they save more money due to PFM.
  • Over 80% of users are “pleased” or “highly pleased” with PFM.
  • 88% of users say they will use PFM regularly in the future.
  • 9 out of 10 users say they would recommend PFM to others.

2. Improved customer loyalty and retention

  • Annual customer retention rates are 98% among PFM users.
  • 63% of consumers say PFM will strongly increase loyalty.
  • 25% of PFM users say that they’re less likely to close their accounts and switch to another bank.
  • Some banks have seen a reduction of up to 50% in accounts closed after the introduction of PFM.
  • PFM doubles the time spent in online banking.
  • PFM users visit bank’s website twice as often.

Business challenge

Currently the truth about PFM adoption by banks has proved to be somewhat different. There are banks that adopted PFM and have been successful, and others that haven’t achieved the results they had hoped for. There are various reasons why some banks have succeeded and others failed. To name a few: poor user experience, complex functions and not meeting the needs of individual segments. In other words: poor adoption of PFM by end users is the main challenge that banks are facing today.

Beyond traditional PFM

In developing Next Generation FusionBanking Essence (FBE) PFM, Misys addressed all these above indicated issues. One of the essential characteristics of Next Generation FBE PFM is that the solution is designed based upon “Storyline” conception, which enabled Misys to completely reinvent the traditional personal financial management concept. Rather than introducing individual functionalities, key functions are merged with real life stories to make them more relevant to and part of customers’ everyday lives.

The following aspects have been improved in Next Generation FBE PFM in order to make PFM truly an engaging and customer centric tool:

Next Generation FBE PFM vs Traditional PFM’s

Meeting specific segment needs - ”one size doesn’t fit all”:

Introducing (1) new Personal Financial Planning functions, (2) developing functions in widgets to enable user to personalise PFM dashboard (3) providing segment based user interface for customization purposes.

Enhanced UX and UI:

Providing (1) optimised ergonomic and intuitive design, (2) introducing Introduction Wizard Mechanism to “humanise” the system and educate users how to deploy the tool, based upon learning by doing approach, (3) making the functions more interactive and fun to use.


Making PFM (1) “Holistic” by visualising the consequences of financial decisions to help the users to make informed financial decisions, (2) providing not only answers, but also solutions to help users achieve personal objectives, (3) providing a framework to offer relevant merchant offers and discounts.


The following is the list of Next Generation FBE PFM benefits for banks and their customers:

Benefits for Banks

Benefits for Consumers

Competitive advantage:

Banks need to find new value added services to differentiate their internet banking offers. FBE PFM is the right tool for it.

Providing users with financial Oversight, Insight and Foresight and helping them to achieve their personal goals:

Bringing transparency into customers’ personal finances and helping to keep them under control and advising what to do to improve the performance of their financial lives, and to achieve personal desires and goals. 

Simplifying Deep, Cross and Up-Selling of financial products:

By merging PFM with PFP and binding a financial product to each story/goal, banks can seamlessly generate sales leads and cross sell various financial products to their customers, such as deposits, investments, loans, and retirement plans.

Meeting specific market and segment needs:

Every segment has different needs. FBE PFM developed having these differences in mind and can be easily customized according to local market needs and preferences. 


Highly customisable PFM:

FBE PFM can be customised to meet the needs of any bank in any market in the world.

Holistic: FBE PFM visualizes consequences of financial decisions and helps users to make informed financial decisions.

Increasing customer satisfaction, loyalty and retention:

By offering customer-centric PFM functions and meeting the individual needs of different customer groups, while at the same time providing engaging and fun solution, FBE PFM helps Banks to improve customer satisfaction and loyalty resulting in higher retention rate.


Deeply integrated gamification concept and Reward mechanisms into PFM: one important objective is to encourage users to do more with PFM, stay longer on site and get rewarded for using PFM. For every successfully completed step, users are rewarded with redeemable gamification points.


Integrating with social media: FBE PFM enables users to share their PFM goals and achievements through social media with friends and family.

Awards & Achievements

Since introducing Next Generation FBE PFM to the market, the solution has received a range of recognition and awards.

  • FBE PFM won ‘Bank IT-Innovation Award 2013’ in Germany.


  • FBE PFM was selected as a ‘Good practice in innovation and ease of use’, Forrester (2013): "Best Practices in Digital Money Management". 

  • FBE PFM was selected as a: ‘Best Practice in Innovation’, Datamonitor (2013): ‘Digital Banking: Best Practice Innovations’.