Yodlee Mobile For Online Banking

Yodlee’s standards-based mobile infrastructure produces the fastest, most effective and concise presentation of personal account data for each consumer, regardless of application, data source, or mobile device. After securely logging-in, consumers can check account balances, view transactions, and receive fraud monitoring alerts.

Yodlee Mobile also extends Yodlee MoneyCenter – an integrated suite of consumer banking applications – to provide mobile bill pay, and mobile funds transfer capabilities. For financial institutions, mobile represents a largely untapped channel for high-value customer touchpoints.

“The announcement of Yodlee Mobile is a reflection of both the maturing state of mobile data solutions and the growing consumer adoption of new online banking applications,” said Bob Egan, research director of TowerGroup's Emerging Technologies group. “Providing mobile access will increasingly become a required channel for financial institutions as consumers continue to rely on the freedom of mobility and realize the ability to manage finances in an even more convenient way.”

“Yodlee Mobile enables financial institutions to increase adoption and usage of online banking applications,” said Peter Hazlehurst, senior vice president of product development at Yodlee. “By allowing consumers to access and manage their accounts from anywhere, financial institutions can extend their brand and increase the value and frequency of customer communications.”

Yodlee has an alliance with leading wireless carrier Vodafone in the U.K. and is forming similar partnerships in the U.S. and Europe to help ensure seamless transmission of data across all wireless networks.

According to Celent, worldwide mobile payments will reach $24 billion this year and $55 billion by 2008. Celent also predicts that 2007 will be the year the cell phone takes over as a user’s “wallet”.

Key Yodlee Mobile Highlights for Consumers:

• Secure Access – consumers can securely access account balances and transactions from virtually any online financial source
• Increased Convenience – from being able to monitor accounts and pay bills, transfer funds remotely from a mobile device
• Easy Access – every critical feature is designed to be accessed with two clicks or less
• Unique Alerts – including fraud monitoring alerts, bill due reminders, and account threshold notifications
• Optimized Presentation of information – because Yodlee Mobile uniquely formats content for each device for an optimized user experience
• Ubiquitous Device Support – Yodlee Mobile is available on any mobile browsing device that supports WAP2, XHTML, and/or i-Mode

Yodlee Mobile is built on the patented Yodlee Platform, which consolidates internal and external client data from virtually any financial institution, supporting over 8,000 data sources, including banks, brokerages, mutual funds, insurance companies, mortgage lenders, billers, credit card issuers and more. Yodlee Mobile uniquely optimizes the presentation of data on mobile devices in order to minimize bandwidth and maximize speed and usability.

All interactions using Yodlee Mobile leverage SSL, the same level of transport security used by desktop web browsers. User authentication is done via direct login or using a standards-based SAML Single Sign On (SSO) integration that builds on top of a financial institution’s existing single or multi-factor authentication infrastructure.

Yodlee Mobile gives financial institutions:

• Fast Time to Market – most financial institutions can be mobile-enabled for a pilot in less than a week
• Universal Support – Yodlee Mobile supports all financial institutions in the U.S., Canada, and the U.K. that offer online banking
• Low Integration Costs – Yodlee Mobile solutions typically require little or no integration work, which translates into low cost, fast deployment and minimal involvement from a financial institution’s technology team
• Full Control – using Yodlee Mobile extends a financial institution’s brand, and allows the financial institution to control which accounts consumers may access via the mobile channel Increased Loyalty – offering Yodlee Mobile helps a financial institution differentiate its service and build loyal consumers by giving them a convenient mobile access channel they can’t get anywhere else
• New Revenue – Yodlee Mobile may be offered as an extra-cost, premium service to generate new revenue or simply as a value-added retention mechanism
• odlee’s financial solutions – including consumer banking, payments solutions, wealth management, and risk management applications – are privately labeled and available in hosted or enterprise software editions to financial providers worldwide.