South Africa’s fourth-largest banking group,
Nedbank, has announced a partnership with online banking solutions
provider Yodlee to launch a personal financial management
(PFM) service for customers throughout South Africa as well as the
lender’s offshore locations.
Powered by Yodlee’s account aggregation
technology, Nedbank’s MyFinancialLife online service aims to
calculate the customer’s net worth, analyse spending habits, and
assist in creating budgets and saving for goals.
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Through MyFinancialLife, Nedbank customers
will also receive alerts set on budgeting or goal-save functions
according to individual needs, and be allowed a calendar view to
track debit orders against payments that need to be made.
Ingrid Johnson, group managing executive
retail and business banking at Nedbank, said “secure and
easy-to-use” PFM tools provide insight into one’s complete
financial behaviour and are “essential to consumers’ financial
fitness”.
Nedbank is Yodlee’s first financial
institution partner in South Africa, and Bill Parsons, head of
global sales at Yodlee, said:
“PFM is a relatively new concept in South
Africa, but we have seen rapid adoption and consumer acceptance of
aggregation-powered money management services. Through partnerships
with leading institutions like Nedbank, we are getting significant
traction in South Africa and are thrilled to bring smart PFM tools
to over 5m more consumers.”
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