Aite Group Study Reveals That Consumers Are Ready for the Next Step in Online Personal Financial Management.Consumers Are Looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. Ways to Help "Clean Up" and Better Manage Their Financial Lives REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif. -- Yodlee, Inc. and Aite Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . today announced results of a new market survey that reveals consumers' readiness for new and improved online personal financial management (PFM) tools - and that banks are taking notice. The report: "Next-Generation Online Banking and Bill Pay: A Concept-Testing Study Among Banks and Consumers" outlines Aite Group's study among 15 of the top 50 U.S. financial institutions and 1,204 U.S. consumers to assess interest in functionality found in Yodlee MoneyCenter. Yodlee MoneyCenter is a suite of applications designed to make online banking easier and more profitable. Yodlee MoneyCenter includes Yodlee PersonalFinance, Yodlee BillPay, and Yodlee FundsTransfer. Bank survey results confirm that more than 80 percent of top banks now consider their online channel critical to the bank's business, both as a retention and, increasingly, as a revenue-generating tool. In addition, nearly all top banks are at least somewhat dissatisfied with the current service offerings they have available and are focused on replacing those services with newer, enhanced and more flexible functionality within the next few years. Consumer survey results note that nearly half of all consumer respondents would be very or extremely interested in using the Yodlee MoneyCenter functionality if it was available at their bank. Of the consumers who said they were likely or extremely likely to use the products, 63 percent currently never or rarely use personal finance management (PFM) software. In other words Adv. 1. in other words - otherwise stated; "in other words, we are broke" put differently , these next-generation PFM tools appeal to a broad range of consumers that extend well beyond current, active online banking users. This suggests Yodlee's PFM tools create significant customer acquisition opportunities as well as customer experience enhancement opportunities for banks. "Given consumer adoption of online banking offerings, it's no surprise that 81 percent of the C-level executives at the surveyed banks are saying that senior management now views the online channel as a critical component of their retail banking strategy," said Gwenn Bezard, research director at Aite Group. "In fact, our findings confirm that 94 percent of surveyed banks plan to replace at least one major component of their online channel over the next five years. This clearly illustrates banks' recognition of consumers' increasing demands and the need to invest in new technologies for competitive differentiation." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the study, of the consumers who said they would be very to extremely likely to use Yodlee PersonalFinance and Yodlee BillPay if they were available, only 30 percent said they wouldn't switch banks to obtain them. Other consumer feedback outlined in the whitepaper includes: * 72 percent say that the ability to choose payment timing of their bills is important to have available on an online banking Web site * 59 percent believe that the ability to automatically organize expenses into categories is important * 55 percent say that the ability to pay bills by debit cards at the bank site - a feature unique to Yodlee solutions - is a very to extremely important feature of online banking * 73 percent note e-mail and SMS (1) (Storage Management System) Software used to routinely back up and archive files. See HSM. (2) (Systems Management Server) Systems management software from Microsoft that runs on Windows NT Server. fraud alerts as extremely important features "These findings point to consumers' readiness for something more in their online banking experience," said Anil Arora, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Yodlee. "Financial institutions clearly recognize the value of the online channel and the need to offer a better, more personal online banking experience to consumers. In an effort to help financial institutions meet these growing consumer demands, we are creating innovative online tools that help consumers better understand their financial picture, including where they're spending their money and how to plan and budget - easily and automatically. This also presents new opportunities for banks to increase customer satisfaction and acquisition and impact the bottom line." For more information on the Aite Group study or Yodlee solutions, please contact busdev@yodlee.com or visit www.yodlee.com. About Yodlee MoneyCenter Yodlee MoneyCenter is an integrated suite of online banking applications that includes Yodlee PersonalFinance, Yodlee BillPay, and Yodlee FundsTransfer. Built on a common data infrastructure, Yodlee MoneyCenter offers consumers a simple, centralized and secure way to manage their money, pay bills, transfer funds, track their net worth, set budget goals, protect against fraud, and much more - any time, anywhere, via the web or any mobile device. For financial institutions, Yodlee MoneyCenter offers a more personal online banking experience while opening up new revenue opportunities through card-based bill pay, increased online activity, and enhanced cross-sell powered by Yodlee data. About Yodlee Leading financial institutions trust Yodlee to power critical online banking applications that increase profitability and drive more value from the online channel. Yodlee's proven consumer banking, payments solutions, wealth management, and risk management applications unify all personal financial account information to deliver a simple, centralized and secure way for consumers to manage all of their financial tasks - any time, anywhere. Yodlee makes financial institutions' websites essential to their customers and generates new revenue opportunities. Over 100 leading financial institutions and portals, including Ameriprise Financial Ameriprise Financial, Inc. (NYSE: AMP) is a company offering financial advice and products. It is the successor to American Express Financial Advisors (AEFA), which was a subsidiary of the American Express Company. , AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. , Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Fidelity, JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. , Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , and MSN (1) (MicroSoft Network) A family of Internet-based services from Microsoft, which includes a search engine, e-mail (Hotmail), instant messaging (Windows Live Messaging) and a general-purpose portal with news, information and shopping (MSN Directory). , today offer Yodlee-powered solutions to millions of customers worldwide. Yodlee operates in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe and is headquartered in Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. . For more information, visit www.yodlee.com. About Aite Group, LLC. Aite Group is a leading independent research and advisory firm focused on business, technology and regulatory issues and their impact on the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. It was founded by leading industry experts in Banking and Securities & Investments. Aite Group brings together a team of business strategy, technology and regulatory experts to deliver comprehensive, timely, and actionable advice to financial institutions and technology vendors. It seeks to become a true partner, advisor, and catalyst by exchanging ideas and challenging basic assumptions to ensure that our clients always stay one step ahead of the competition. Yodlee is a registered trademark of Yodlee, Inc. All other products and services mentioned are the property of their respective companies. |
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