With more than 17 million Personal Finance Management (PFM) users worldwide, Yodlee, Inc. today announced that usage of Yodlee-powered PFM solutions nearly doubled in the last year as consumers rush to gain control over their finances. Yodlee's PFM solutions are currently used by 6 of the top 10 U.S. banks, more than 100 leading financial institutions around the world and the most successful non-bank PFM portals.
According to a new report by Javelin Strategy & Research, "The time is right for banks and credit unions to transform and reinvigorate their online-banking channel by making personal finance management tools the focal point of the customer's online-banking experience." And, according to the Online Banking Report, PFM is a top three "winning tactic" for banks in 2009.
Yodlee's research shows that customers stay with financial institutions four times more often when they are provided PFM tools, demonstrating the tremendous value of PFM for consumers -- and for banks, many of which are struggling to retain customers. "There's nothing like a major downturn to boost demand for personal finance services," said Jim Bruene, author of the Online Banking Report. "There couldn't be a better time to launch PFM services."
Javelin Strategy & Research declared Yodlee PFM products "Best in Class," noting Yodlee stands out for developing PFM solutions that can change lives. Yodlee-powered PFM products help consumers gain control of their financial lives with easy, automated access to all of their financial accounts, including banking, brokerage, retirement, credit cards, loans, home values, insurance, bills, and more. With more than 11,000 available account sources and 100,000 different account types available through its patented data and payments utility, Yodlee provides the broadest, most reliable network of secure financial account data and tools available. Yodlee's PFM solutions also automatically categorize expenses, track spending, personalize budgets, provide interactive alerts and lets consumers take action, such as paying a bill and transferring money, either online or through a mobile interface.
"PFM is a win for everyone. For consumers, whether you choose to use PFM tools through your bank or through any of the non-bank portals, there's no easier way to gain control over your finances. For financial services providers in particular, PFM deepens customer relationships and trust, boosts retention by eliminating the need to go outside the bank to manage accounts and offers a personal, valued and necessary customer service in an uncertain economic climate," said Yodlee CEO, Anil Arora.
For more information about Yodlee PFM products, visit www.yodlee.com. About Yodlee
Leading financial institutions and portals trust Yodlee to power critical online banking applications that increase profitability and drive more value from the online channel. Yodlee's proven personal financial management, payments, and customer acquisition solutions unify all personal financial account information to deliver a simple, centralized and secure way for consumers to manage all of their financial tasks anytime, anywhere. Yodlee makes financial institutions' websites essential to their customers and generates new deposit and revenue opportunities. Yodlee's patented data, payments and risk management utility supports more than 11,000 account sources and over 100,000 different account types. More than 100 leading financial institutions and portals offer Yodlee-powered solutions to millions of customers worldwide. Yodlee is headquartered in Redwood City, California. For more information, visit www.yodlee.com.
Yodlee is a registered trademark of Yodlee, Inc. Yodlee PersonalFinance is a trademark of Yodlee, Inc. All other products and services mentioned are the property of their respective owners.
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CONTACT: Erin Mitchell, RLM Public Relations for Yodlee, Inc.,
Web Site: http://www.yodlee.com/