The landscape of personal finance in the UK was poised for a significant shift in 2010, marked by the strategic partnership between Money Dashboard and Yodlee. This collaboration heralded the launch of Money Dashboard’s innovative personal finance management (PFM) portal, empowered by Yodlee’s robust PersonalFinance(TM) platform. This initiative aimed to cater to the burgeoning demand among UK consumers for effective digital tools to manage their finances.
Recent studies underscored the opportune timing of this launch. A compelling 75% of UK consumers were already engaging with online banking, a substantial increase from 54% in 2005, signaling a market ripe for embracing PFM solutions. Further market analysis corroborated this trend, revealing that nearly one in four consumers were actively seeking superior online PFM tools to consolidate and interact with their diverse financial accounts in a unified platform. This demand highlighted a clear gap in the market that Money Dashboard, leveraging Yodlee’s technology, was perfectly positioned to fill.
Money Dashboard, with its user-centric approach, offered a free and intuitive online PFM solution designed to instill financial confidence. The platform promised to empower users with clarity and assurance in their financial decision-making processes. By offering a holistic view of their financial standing, Money Dashboard aimed to reshape consumer perspectives on financial products, shifting the emphasis from mere credit management towards proactive savings and wealth accumulation strategies.
Gavin Littlejohn, CEO of Money Dashboard, articulated the company’s vision: “For four years, we have dedicated ourselves to understanding and addressing the escalating challenges faced by consumers, notably the lack of financial awareness, effective management, and control over their finances. Our partnership with Yodlee is a cornerstone in our effort to securely organize and streamline consumer financial data. We have meticulously crafted a user experience that delivers profound insights into individual finances, empowering customers to identify financial products that genuinely align with their unique needs.”
Yodlee’s established leadership in the PFM sector in the U.S. further solidified the credibility of this partnership. Powering 85% of the U.S. PFM industry and serving over 20 million consumers through prominent banks and portals, Yodlee brought a wealth of experience and technological prowess to the UK market.
Anil Arora, CEO of Yodlee, emphasized the universal relevance of PFM solutions: “Financial anxiety is not confined to the American context. Our research consistently demonstrates that online PFM services, whether offered by financial institutions or independent portals, are instrumental in helping consumers avoid late payment fees, safeguard against fraudulent activities, enhance budgeting efficiency, and ultimately alleviate financial stress. We are excited to collaborate with Money Dashboard to extend the benefits of PFM services to the UK market.”
The strategic direction of Money Dashboard was further strengthened by its distinguished board, comprising influential figures in the UK business arena. This included Chairman Stuart Sinclair, former CEO of Tesco Personal Finance and GE Capital UK and China, and David Robinson, founder and former CEO of Bright Grey, bringing considerable expertise and leadership to the venture.
About Money Dashboard
Established in 2006, Money Dashboard is dedicated to reducing financial stress by placing users firmly in control of their finances and improving their budgeting capabilities. The platform streamlines financial management by aggregating online financial accounts – including savings, current accounts, credit and store cards, and mortgages – into a single, accessible interface. Users can tag transactions and establish budgets, gaining a clearer understanding of their spending patterns. The system provides timely alerts via email and text for budget overruns, suspicious transactions, and important financial events. Further details are available at www.moneydashboard.com.
About Yodlee
Yodlee stands as a trusted technology provider for leading financial institutions and portals, powering essential online banking applications aimed at enhancing profitability and maximizing the value of the online channel. Yodlee’s comprehensive suite of solutions encompasses personal finance management, payments, and customer acquisition, all designed to unify personal financial data and provide consumers with a secure, centralized platform for managing their financial tasks anytime, anywhere. Yodlee’s technology strengthens the value proposition of financial institutions and portals, fostering customer loyalty and generating new revenue opportunities. Yodlee’s patented data, payments, and risk management utility supports an extensive network of over 12,000 account sources and more than 100,000 diverse account types. Over 100 leading financial institutions and portals globally utilize Yodlee-powered solutions, serving millions of customers. Headquartered in Redwood City, California, Yodlee’s website is www.yodlee.com.
Yodlee is a registered trademark of Yodlee, Inc. Yodlee PersonalFinance is a trademark of Yodlee, Inc. All other products and services mentioned are the property of their respective owners.
SOURCE: Yodlee, Inc.
CONTACT: Sharon Nieuwenhuis, RLM Public Relations for Yodlee, Inc., +1-212-741-5106 x237, [email protected]; or Sarah Lee, PR for Money Dashboard, + 44-(0)-0131-225-3875, [email protected]
Web Site: https://www.yodlee.com/
