Personal Financial Management (PFM) / Trends

Within the digital banking platform, financial institutions can leverage a Personal Finance Management solution offered by Narmi’s partner, MX. This tool referred to as “Trends” provides customers with a seamless experience for viewing all their data in a single platform. When this feature is enabled, users get access to their accounts, budgets, spending, history, debts and accounts in a single platform.

How Trends Works

When FIs opt in, a “Trends” tab will appear in the digital banking platform. Narmi connects to MX’s API and renders the users financial information via iFrame. MX will pull all of the user's connected account details, including balances, deposits, spending etc.

Within the Trends tab, users can tab through the following charts:

• Net Worth

• Budgets

• Spending

• History

• Debts

• Accounts

Net Worth

Users will be able to see their net worth over time. Users can select their view over 6m, 9m and 1y timeframes. Users also have the ability to select and deselect certain accounts. MXs pulls in all accounts, even credit cards. Credit card balances will be subtracted from the users net worth if credit card accounts are selected in the chart.  

Web

To the right of the chart, users will be able to navigate into each individual month to see how their net worth has changed over time. These months are driven by the timeframes running along the top of the chart.  

Mobile

In the mobile view, a user is able to filter at the top of the screen and select specific months at the bottom of the screen below the graph:

Budgets

On a monthly basis, users can keep track of personal budgets that they have made. Users can define budgets for numerous predefined categories or custom categories. The budgets are rendered in the iFrame via bubbles and track how much the user has spent versus how much budget has been allocated to that spending category. 

Web

Below the bubble chart, the categories are rendered line by line, displaying both budget and amount of money spent.  

Users can add additional budgets for additional categories as well.

Mobile

In the mobile view, a user will be able to see any active budgets or set them up if necessary, as seen below:

Spending

Users can get a breakdown of their spending habits over a given timeframe in the Spending tab. Timeframes are both predefined or custom, based on the user’s preference. A circular chart will be rendered to the user. Each section of the circle will be sliced based on total for each category. Users will be able to step into each section of the graph to see the category and how much money was spent for each category. Totals will also be rendered line by line to the right of the graph for easy viewing. Users can toggle between Spending and Income for the given timeframe.  

Web

Mobile

History

On the history tab, users are able to view their spending by category over time by month. Users have the ability to filter by account, and hover over the category on the graph for detailed spending breakouts by month.

Debts

Within Debts, users can keep track of their personal debts. Below is an account with three linked credit cards. Debts can be filtered by balance, interest or fastest payoff. The account, balance, APR, amount due and final payment date will be rendered to the user. MX will also plot out a chart of the expected debt balance over time, accounting for monthly payments.  

Web

Mobile

Individual Debts

Users can step into each debt for a more granular breakdown. The user can see how much money is allocated towards the principal and interest, along with their expected balance after payment is received. Users can also toggle to details to see the starting balance and APR details.

Web

Mobile

Snowball Method

MX also offers a feature called the Snowball Method. The snowball method helps you pay off multiple debts quickly by paying the same combined amount every month. When you’ve paid off the highest-priority debt, take that monthly payment and put it toward your next debt. The monthly total you pay for all debts remains the same.

Hide Accounts from Debts

Lastly, the user also has the option to hide an account from the Debts section. A user can hide an account from the Debts section by clicking the three dots and then ‘Hide from debts.’

Web

Mobile

Accounts

The accounts tab allows users to see their connected institutions and allows the user to connect to more Financial Institutions if needed.

Communication Between Narmi & MX

Every time Narmi imports a transaction from the core banking system and the end-user’s segment has access to MX trends, Narmi passes this transaction information to MX. If the end-user or account does not already exist in MX, those will be created automatically. The exact timing for when Narmi imports a transaction from the core depends on several factors, including:

• If the core banking integration has any type of events service

• If the end-user has an alert configured

• How frequent historical transactions in that account have been over time

If Narmi tries to update a user, but the account is no longer returned by the core banking system (i.e. user lost access or account is closed), Narmi will delete that account and subsequent transactions from MX.

However, Narmi will never delete a user from MX. This is due to the fact that a user can be locked or archived in Narmi for temporary reasons. Deleting the user from MX would get rid of all of the linked external accounts and custom data the user entered.

End-User Counts in Narmi vs. MX

The number of users in the Narmi DB (digital banking) platform will NOT always equal the number of users of PFM in MX. This is due to several reasons:

1. Locked or Archived users in Narmi

   • Users can be temporarily locked or archived in Narmi. Deleting these users from MX would remove all of the linked external accounts and custom data the user would have entered. If the locked/archived user is reactivated in Narmi, that user will not have any linked external accounts or custom data available.

2. DB segments not having access to PFM in MX

   • If the segment that an end-user belongs to does not have access to PFM in MX, they will not have an MX account. They would be counted as a user in the Narmi platform, but not MX. Learn more about segmentation here.

3. Some DB end-users will not have accounts or transactions

   • If there are end-users in the DB platform that only have a profile created, but not accounts or transactions, their info will not be imported to MX from Narmi. They would be counted as a user in the Narmi platform, but not MX.

4. MX was turned on after go-live

   • If your FI turned PFM in MX on after the DB go-live, not all DB users would have been imported from Narmi to MX. An MX account for those users would only be created once they transacted in the new Narmi DB platform.