Yodlee Survey Finds Demand is Growing for Online Personal Finance Tools in UK
Survey reveals more than half want more online banking products, yet few are aware of availability
REDWOOD CITY, Calif. and LONDON, Aug. 11 /PRNewswire/ -- Yodlee, Inc., the leading provider of online personal financial management (PFM) and revenue-generating payments solutions and services for more than 25 million users, conducted a survey of more than 500 UK based financial decision makers. The study examined the UK attitudes, usage, and behavior concerning online banking and online financial planning.
The survey showed that despite the large demand for online single destination financial management, there is low awareness of where to go for such services.
- More than half of respondents were highly interested in managing their money online using one website and over two-thirds wanted it to be provided by a trusted financial institution, such as their bank.
- However, 65% were unaware that such a product even exists, demonstrating a tremendous need and opportunity for online personal financial management services.
The survey further revealed that there is a high demand for one secure destination for people to manage their finances, based on current usage patterns. The study showed:
- When asked how many different websites they currently use to manage finances, over one-third of respondents use three or more websites to manage their finances.
- Over half of those surveyed check their online account every week or more, and do so for the convenience and control it offers them.
"There is a great opportunity to educate the public about fiscal responsibility and help them improve their financial habits, and ultimately improve their financial situation," said Jason O'Shaughnessy, Managing Director, EMEA at Yodlee . "We believe simple online tools that help consumers better manage and understand their money - anywhere, anytime, and from any computer or mobile device - are what consumers really want and need, and these survey results clearly show that. This is a time when technology should be making money management easy, intuitive, and insightful, not complicated and scary. In Europe, there are a number of solutions being powered by Yodlee already, and many more starting to come online, demonstrating there is high demand from consumers."
Interestingly, 25% of UK survey respondents said they would consider switching banks to get the online personal financial management services in one place, a particularly strong indicator in a market where switching providers has traditionally been uncommon.
Yodlee-powered services provide a single destination for personalized and proactive money management, empowering online and mobile users to take charge of their finances at their financial institution or portal of choice. PFM services in the U.S. are adding more than 30,000 new users every day, proving the high demand from consumers globally for better money management tools. Several UK companies have rolled out versions of Yodlee PersonalFinance, including Moneydashboard, Covestor, Sammedia and Lovemoney.
Yodlee solutions are available as a complete, end-to-end solution or as individual components ready for secure integration into any existing online banking system or website. For more information on Yodlee solutions and services, visit www.yodlee.com.
This survey was conducted online between April 13 – 20, 2010 and examined UK attitudes toward online financial planning. There were over 500 respondents. The questionnaire was completed by a representative sample of financial decision makers who hold a current financial account in the UK.
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, patented 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 12,000 unique account sources and over 120,000 different account types. More than 200 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 trademarks of Yodlee, Inc. All other products and services mentioned are the property of their respective owners.
SOURCE Yodlee, Inc.
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