As MMW recently reported, the findings presented in this year’s xAd/Telmetrics Mobile Path to Purchase Study reveal that banking and finance mobile users are heavily ruled by Millennials.
xAd, one of the largest mobile advertising platforms in the U.S., found that nearly half of all mobile bankers were under the age of 35 and one-third indicated that smartphones were the most important device for their banking needs.
In the big picture, however, this report speaks to the growing prevalence of mobile banking.
To that end, Yodlee – a recognized platform for financial innovation – has announced Tandem, which is the first collaborative financial management app that lets users securely establish and manage their social financial relationships.
With the app, users can set up financial circles, from their contacts and social networks, which have varying degrees of account access.
Tandem gives users the power to establish financial circles based on levels of trust and account sharing access. For example, an adviser may have significant access to your accounts but a child would have little or no access.
The “core capabilities” built into the Yodlee Tandem mobile app include:
- Tag individual transactions from any account
- Communicate in the context of transactions or accounts via a secure interactions space
- Upload & share documents, transactions, receipts, etc.
- Transact with full money movement including account transfers and peer-to-peer payments
- Analyze & monitor shared expenses by setting alerts in the shared space
- Establish and keep track of Shared Goals
“Keeping track of your various financial relationships has, until now, been complex and time consuming,” says Eric Connors, senior vice president of products at Yodlee. “Tandem gives you greater control of shared interactions. For example, a college student may tag several credit card transactions for reimbursement from mom and dad. Small business partners can upload and share loan documents with a bank officer. A suspicious set of transactions on mom’s account can trigger action by siblings monitoring mom’s affairs. There are hundreds of scenarios we all deal with every day. It’s a very proactive and actionable app.”