Think financial services is boring? Think again. At Yodlee, we're taking a whole new look at what the Internet can do to transform the way people access, manage, interact with, and transact upon their finances to enable greater insights, control, and 'action'.
Yodlee pioneered and patented a technology platform in 1999 that enables us to securely collect, consolidate, and present financial account data (balances, transactions, etc) from virtually any website. That data now powers online and mobile financial solutions used by nearly 8 million consumers at more than 30 of the top 50 global financial institutions. The Yodlee Platform supports over 8,000 data sources and 80,000 individual account types, creating one of the largest networks of financial data in the world.
Here's a little bit more on what we do, along with some recent news from the company:
Yodlee's suite of solutions offers financial institutions opportunities to:
More than 100 leading financial institutions and portals, including AOL, Bank of America, Compass Bank, Fidelity, JPMorgan Chase, Merrill Lynch, and MSN, today offer Yodlee-powered solutions to millions of customers worldwide.
"Yodlee Mobile enables financial institutions to increase adoption and usage of online banking applications," says 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 already has an alliance with UK telco Vodafone and is forming similar partnerships with other companies in the US and Europe to help ensure seamless transmission of data across wireless networks.
Do people really want to do their banking online?
The results confirmed that more than 80 percent of the top banks in the US consider the online channel critical to their business, but nearly all of them are at least somewhat dissatisfied with the current service offerings they have available.
Among consumers, the survey found that nearly half of all respondents would be very or extremely interested in using the Yodlee MoneyCenter functionality if it was available at their bank. Other feedback outlined in the whitepaper includes:
"These findings point to consumers' readiness for something more in their online banking experience," said Anil Arora, president and CEO 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."
Working at Yodlee
As an ASP with stringent up-time requirements and enormous scalability and security issues, Yodlee offers unique challenges for developers. For example, Yodlee's systems have to scale from mere hundreds to tens of millions of users. We don't run vast datacenters - our systems have to provide speed, with minimal hardware, and support half a million e-Commerce sessions per hour with sub second response times - all while meeting the most stringent security requirements in the industry.
These are just a few highlights, of course — to learn more about working in our offices in California and India, or to get more information on the company, visit www.yodlee.com or hit the "apply now" button here. You can also join us for a chat before SRM 351.