SA bank takes personal financial management online
INDUSTRYBy BiztechAfrica - Sept. 6, 2012, 10:10 a.m.
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."
MORE INDUSTRY NEWS
HP Introduces innovations built for the data centre of the futureHP has announced new HP ConvergedSystem and HP Converged Storage offerings that give enterprises the speed, agility and lower economics to build the next-generation data centres that will power tomorrow’s successful organisations. Read More
New Philips SmoothTouch Display now in MEAThe new 23-inch Philips display with 10-point capacitive touch, webcam, speakers and microphone gets to the heart of how people interact. Read More
Taking mobility into AfricaNETCB, one of Novell's mobility partners in Africa, has introduced a range of mobile solutions for the African market. Read More
Orange Business Services wins four World Communication AwardsOrange Business Services was recognised as the Best Global Operator at the 2013 World Communications Awards at the ceremony held Tuesday night in London in addition to being recognized for Best Cloud Service, Best Enterprise Service and Best Small Business Service. Read More
Vodafone Wholesale Ghana triumphs at the Global Carrier AwardsVodafone Wholesale Ghana has won the award for Best African Product or Service at the prestigious Global Carrier Awards in Amsterdam. Read More
MTN launches eStreet mobile internet cafésMTN has launched a mobile internet café concept that will allow customers to connect and experience the smart life. Read More
WD debuts world’s first SSD+HDD dual driveInnovative 2.5-inch Drive Pairs 120 GB SSD with 1 TB Hard Drive to Deliver Maximum Performance, Data Control in Ultimate Upgrade for Notebook, AIO, Single-Drive Bay Systems. Read More
Huawei Partners with HGST on 6 TB Helium-Filled Hard Disk DrivesHuawei has entered a partnership with Hitachi Global Storage Technologies (HGST), a leading HDD provider, to deploy the new HGST Ultrastar® He6 6 terabyte (TB) helium-filled hard disk drives (HDDs) into their storage systems. Read More
aWhere, Inc. delivers access to localised precipitation data to aid global developmentAn invaluable upgrade to aWhere’s Location Intelligence Platform occurred this week with the launch of a new global weather resource. Read More
CA Southern Africa enters partnership with security specialist NcloseCA Southern Africa has signed a partnership agreement with security specialists, Nclose. The deal will see the two companies collaborating to provide security solutions to clients across all industries, but with a special focus on retail. Read More
FEATURED STORYGaming app introduces investors to trading
A new virtual stock market app is equipping would-be investors with the skills they need to trade.
BEST READ NEWS
IN DEPTHCorporate cyber security threats of the year
91% of organisations polled suffered a cyber-attack at least once in the past year, says Kaspersky Lab in its security review of 2013.
COMPANY NEWSVMware announces general availability of latest VMware cloud management solutions
VMware has announced the general availability of new and updated offerings to the industry’s leading portfolio of management solutions purpose-built for the cloud era.