Disrupting Finance: Digital Money Managers

Digital money managers offer account aggregation, spending insights, budgeting and savings tools, alerts, and financial guidance to consumers who wish to manage their money but don't have the time, know-how, or inclination to do it. The advent of open banking and the European directive on payment services (PSD2) — which forces European banks to provide open access to their clients' data to rival banks and financial technology firms — will bring a radical change to the business model of digital money managers. Read this report to understand who the main direct-to-consumer digital money managers are, assess their disruptive potential, and understand how to react. This report was originally published in June 2014; Forrester reviews and updates it periodically for continued relevance and accuracy, most recently in September 2017.