“Why did I withdraw Rs.5000/- on the 10th of last month and what did I spend it for”… Has this been a common refrain for you, month on month with only the figures changing? Then, it’s high time you took the help of a personal finance management tool!

Doubling up as a personal finance assistant, a personal finance management tool helps keep track of spending as well as makes recommendations on how to optimize expenditure. Let’s dig deeper and understand why using a personal finance management tool can do you a world of good!

Expense management: The primary objective of a PFM tool

Card swipe, Cash payment, Transfer payments, payment through wallets – There are different ways to spend, especially in an age where everything around us is digital, we tend to make purchases and payments in a blink of an eye. Credit/Debit cards have separated us from cash. Services such as Amazon Prime and iTunes have separated us from cards.

Now that we have started to pay easily using our smartphones, we will experience yet another degree of separation. All of this means that we need to work a bit harder to “feel” what we are spending — and keep track of it.

Expenses are never-ending and tracking them can become a nightmare. Transactions like cash withdrawal are almost impossible to track and remember. A simple tool that integrates seamlessly into your banking application and helps you categorize customer transactions with minimum intervention; that’s the primary role of a PFM tool. An application that not only helps in categorizing spends but also helps a customer to set a goal, to split cash transactions and set budgets.

The 2021 McKinsey Global Payments report highlighted the importance of personalization in financial planning and indicated the rising number of bank-fintech partnerships ramping up their treasury services. A good 19% of focus has been placed on personal finance management tools, placing them next to fraud management tools as forming the cornerstone of successful fintech partnership strategies.

Clayfin’s product offering

At Clayfin, we have aligned our product offering to address this concern of expense management. We have created a Personal Finance Management (PFM) tool which will be a one-stop-shop for managing expenses. Through this tool, you will be able to:

  • View entire Portfolio
  • Define Goals
  • Create Budgets
  • Categorize Expenses
  • Review Budgets Vs Expenses – View Graphical Representations and
  • Trend Analysis
  • Split Cash transactions into meaningful expenses

The system is built to pick up patterns over time and automatically predict spends and savings, based on the categorizations made by customers. Using our PFM tool, you can categorize expenses on the go, review expenses against set budgets, and view spending patterns across categories and across months. Are you convinced enough as to why you need to get a PFM tool? Here’s a quick video to get you acquainted with its benefits and features. https://www.youtube.com/watch?v=_R4ou1PBk-4.
Only the most idealistic among us enjoy filling in expenses, which is why it’s great to have an app at hand that can help record and process expenses with the minimum customer involvement. Know more about Clayfin’s PFM solution.


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