SA bank takes personal financial management online

INDUSTRY

|
Image: By BiztechAfrica
SA bank takes personal financial management online

Yodlee today announced a partnership with South African bank Nedbank to power personal financial management (PFM) solutions for their customers throughout South Africa and in their offshore locations.

Nedbank's MyFinancialLife™ online offering is now available and, via Yodlee's account aggregation technology, consumers can calculate their net worth, analyze spending, budget, save for goals and more. Nedbank is Yodlee's first financial institution partner in South Africa, breaking new ground in providing personal financial management solutions to customers directly from a bank.

"PFM is a relatively new concept in South Africa, but we have seen rapid adoption and consumer acceptance of aggregation-powered money management services," said Bill Parsons, head of global sales at Yodlee. "Through partnerships with leading institutions like Nedbank, we're getting significant traction in South Africa and are thrilled to bring smart PFM tools to over five million more consumers."

Yodlee's account aggregation technology links account information from banks and non-banking service providers in a highly-secure environment. Nedbank's MyFinancialLife is a flexible, free PFM solution for individuals, families and micro-businesses.

At launch, MyFinancialLife™ provides six main functions to users, who can customize their dashboard in line with their individual financial interests & requirements:

  • 'net worth calculation' – consolidated view of your financial position, based on financial accounts linked or non-financial assets added manually; for Nedbank clients this will be pre-populated for most Nedbank accounts.
  • 'spend analysis' - graphical depiction of spend based on the categorized card and electronic transactions. Initially a manual intervention, the system will automatically recognize all your transactions repeated with the same supplier.
  • 'budgeting' – budgeting functionality that allows you to track your actual spend against your planned spend.
  • 'saving for a goal' – a goal-save tool that allows you to set goals, categorise them, choose an amount you would like to save during a specific timeframe - and then calculates how much should be put aside to meet your goal – such as saving for a holiday, education or buying a new car.
  • 'alerts' - alerts, set on budgeting or goal-save functions according to individual needs, to be  sent via e-mail or SMS. You can, for instance, set up alerts when 50% of your allowed credit card limit has been reached or when you have exceeded a budgeted amount on a specific spend category
  • 'calendar view' – allows you to track debit orders against payments that need to be made, making it easy to view weekly, monthly or yearly transactions, ensuring that you have always planned to have sufficient funds available.

"At Nedbank, we're committed to empowering South Africans to achieve their financial goals. Secure, easy-to-use PFM tools that provide insight into one's full financial picture are essential to consumers' financial fitness," said Ingrid Johnson, Group Managing Executive Retail and Business Banking at Nedbank.  "Yodlee helps make PFM a seamless, highly-secure experience for consumers at all stages of financial life."



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE INDUSTRY NEWS

MainOne’s Data Center attains West Africa’s 1st SAP HANA® Certification

MainOne, the premier connectivity and data center Solutions Company, today announced that its Data Center subsidiary, MDXi is now an SAP-certified provider of Infrastructure Services for SAP® solutions.  Read More

Riverbed Announces Definitive Agreement to Acquire Aternity

Jerry M. Kennelly, Riverbed Chairman and Chief Executive Officer Acquisition expands Riverbed’s SteelCentral offerings, providing the industry’s best and most comprehensive end-to-end visibility solution in the market – spanning network, application and end user experience management. Read More

Gilat Telecom Uganda provides internet services for 60 business customers

Gilat Satcom has established an ISP in Uganda which is already providing fast, reliable and highly secure broadband services to more than 60 business clients, mainly around Kampala and Entebbe.  Read More

New solution to beat identity theft

Ideco is launching its new all-in-one mobile biometrics unit in South Africa. The Biometric Identity Management System (BIMS) enables biometric identification across a range of modalities, from fingerprint through to iris scanning. Read More

Cellphones to improve healthcare access and quality in Africa

Making use of VMware technologies, Medic Mobile has developed a software kit to be used in almost any kind of environment, support any language, and work with or without Internet connectivity, locally or in the cloud Read More

Safaricom uses Nokia CEM on Demand

Safaricom, the largest integrated telecommunication service provider in East Africa, is improving services for more than 25 million subscribers in Kenya, thanks to Nokia's Customer Experience Management on Demand.  Read More

Standard Bank digital innovation delivers single biometric and cross border banking accessibility

Africa’s largest bank by assets, Standard Bank, has seen its mobile traffic growing 100% a year as customers embrace more convenient and efficient solutions for their banking needs.  Read More

Telco Systems Rolls Out New 10GE High Capacity Carrier Ethernet Network for KENET in Kenya

Professor Meoli Kashorda, Executive Director of KENET Telco Systems, the leading provider of innovative CE 2.0, MPLS, IP and SDN & NFV solutions, has announced that the company has successfully deployed a new 10GE high capacity carrier Ethernet network for the Kenya Education Network (KENET) in Kenya.  Read More

GeoPoll, Kantar Media, Cuende announce first Pan-African Out of Home measurement product

Global leaders in audience research use satellite imagery and mobile survey data to measure OOH reach in Africa. Read More

BICS blocks over 10m fraudulent call attempts with FraudGuard in 2016

BICS, a global wholesale carrier for voice, mobile data and capacity services says its crowdsourcing fraud prevention platform, FraudGuard, detected and blocked more than 10 million fraudulent call attempts on its customers’ networks during the first quarter of 2016. Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor NetworksEricssonTigo Ghana

FEATURED STORY

Financial services sees AI as both opportunity and threatFinancial services sees AI as both opportunity and threat

Banking is already a key area where technology is having an impact throughout Africa, and a new survey assesses the impact artificial intelligence will have on this sector.

Advertisement

IN DEPTH

Access and Use of ICT stats releasedAccess and Use of ICT stats released

Statistics Botswana has released the first results of the 2014 Information and Communication Technology Household Survey.