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

comments powered by Disqus

MORE INDUSTRY NEWS

iWayAfrica Zimbabwe achieves Cisco Certified Partner Status

iWayAfrica Zimbabwe, a Gondwana International Network (GIN) company has been awarded its Cisco Select Certified Partner status.  Read More

GSMA case study: Nomanini enables rapid, reliable prepaid retail in informal markets

A new case study from GSMA has highlighted the Nomanini mobile point of sale terminal and cloud-based distribution platform. Read More

Citrix, Google enhance enterprise security and management of Android devices

XenMobile Supports Android for Work; Extends Citrix Leadership in Secure Mobile Workspace Solutions for the Broadest Array of Devices. Read More

Make life easier for your customers with recurring payments

Merchants should implement recurring payments within their businesses to improve their own cash flow and reduce costs, but automatic billing can also help build customer loyalty through the added convenience. Read More

Accelya Solution to help Air Namibia to manage costs and profitability

Air Namibia expands relationship with Accelya; selects cost management and flight profitability solutions. Read More

Wipro Invests R3.8 million in skills development, job creation in SA

Wipro Ltd, a leading global information technology, consulting and business process services company, has announced an investment of R3.8 million towards skills development and job creation in South Africa.  Read More

Airtel Niger selects Ericsson for 3G network deployment

Airtel, Niger’s leading mobile service provider has named Ericsson as their exclusive 3G HSPA end-to-end hardware, software and related service vendor in Niger Republic.  Read More

Orange Mali upgrades WiMAX infrastructure

Orange Mali recently selected Alepo to enhance its WiMAX core infrastructure via Alepo’s high-performance AAA infrastructure. Read More

CommVault, Crayon partner to bring data management software to EMEA cloud service providers

CommVault has announced that its data management platform would be available via EMEA cloud hosting partners through a new  strategic aggregator partnership with Crayon, a global leader in service provider licensing, management and consultancy.  Read More

Printronix announces partnership with Talk Technology

Printronix, a leading manufacturer of line printing solutions has signed an African distribution partnership for Africa with IT distributor Talk Technology. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

2bn priced out of internet access2bn priced out of internet access

A new report from the Alliance for Affordable Internet shows that the price of broadband remains prohibitive for billions in developing and emerging countries, with women and rural dwellers hardest hit.

IN DEPTH

Villagers get solar training at Barefoot College Villagers get solar training at Barefoot College

The Botswana Human Resource Development Council (HRDC) has seconded seven semi-illiterate mostly Ngwatle villagers for a six month solar electrification training course at the famed Barefoot College in India. 

COMPANY NEWS

MTN Group Sustainability Report released

MTN Group’s efforts to advance social development in its markets through the integration of sustainable business practices into day-to-day activities, is yielding positive outcomes, the company’s Sustainability ...