What is Personal Financial Services?
Personal financial services are the performance of an individual or family's financial management in terms of sticking to a budget. The idea is to save money over time while also spending money on necessary resources and allocating a certain amount for each living expense. Future life events and various financial risks are also considered. You can do the above on your own, or you can use a personal finance service that will provide you with home budget software and other tools to help you stick to a plan. Personal finance services come in a variety of forms. They take the form of software programs, apps, and even businesses that provide face-to-face training. Personal finance is primarily concerned with achieving personal financial objectives, such as saving enough for short-term financial needs, planning for retirement, and saving for your child's college education. It mostly depends on your income, expenses, living needs, and individual goals, as well as the plan you devise to achieve those goals within your financial constraints.
|Unit||Value (USD Million)|
|Key Companies Profiled||Morgan Stanley (United States), OMNI Financial Services (United States), PwC (United Kingdom), Santander Group (Spain), Barclays (United Kingdom), Deutsche Bank AG (Germany), Elliott Davis LLC (United States), Allianz SE (Germany), Aon plc (United Kingdom) and FIS (United States)|
The study covers a detailed analysis segmented by key business segments i.e. by type (Banking, Professional Advisory, Wealth Management, Mutual Funds, Insurance, Stock Market and Others) , by application (Retail Customers, Corporate Customers, Affluent Retail Customers and Others) and major geographies. Research Analyst at AMA predicts that United States & United Kingdom Players will contribute to the maximum growth of Global Personal Financial Services market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Personal Financial Services market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Morgan Stanley (United States), OMNI Financial Services (United States), PwC (United Kingdom), Santander Group (Spain), Barclays (United Kingdom), Deutsche Bank AG (Germany), Elliott Davis LLC (United States), Allianz SE (Germany), Aon plc (United Kingdom) and FIS (United States).
On 8th October 2020, Personal Financial Advisors, LLC, a well-known wealth management firm in Covington, Louisiana, has been acquired by Mercer Global Advisors, Inc., a national SEC-registered investment adviser (RIA). PFA has about 140 clients and manages about USD105 million in assets under management (AUM).
Government regulation has a variety of effects on the financial services industry, but the specific impact depends on the nature of the regulation. Increased regulation usually means more work for people in the financial services industry, because it takes time and effort to adapt business practices to comply with the new regulations correctly. While increased time and workload as a result of government regulation may be detrimental to individual financial or credit services companies in the short term, government regulations may benefit the personal financial services industry as a whole in the long run.
In the personal financial services technology market, there are local, regional, and international players. The market is highly consolidated, with top manufacturers accounting for 25%–30% of the market share. Allianz, Aon plc, Banco Santander S.A., Barclays, Deutsche Bank AG, Elliott Davis LLC., FIS, Grupo Financiero Banorte, IHS Markit, and others are key players in the global personal financial services market.
Personal financial Services to commercial banks, digital advancement and rise financial technology rapidly transforming the financial sector and High Investment in Personal Financial Services
Market Growth Drivers:
Increased Number of Personal Financial Services Institutions and Increased use of Personal Financial Services Application
Increasing Security Concerns and Lack of Awareness in Personal Financial Services
High Cost Associated With Deployment and Technological Limitations in Personal Financial Services
Increasing Implementation among SMEs across Emerging Regions and Rising Adoption of Finance Services among Developing Economies
Key highlights of the Global Personal Financial Services market Study:
CAGR of the market during the forecast period 2021-2027
In-depth information on growth factors that will accelerate the Personal Financial Services market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Personal Financial Services market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Personal Financial Services Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Personal Financial Services market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Personal Financial Services market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes New Entrants and Investors, Analysts and Strategic Business Planners, Personal Financial Services Distributor & Supplier, Personal Financial Services Providers, Venture Capitalists and Private Equity Firms, Government Bodies, End-Users and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.