Yodlee SmallBusiness Brings Customized Financial Management to America’s 28 Million Underserved Microbusinesses
Banks can now go beyond lending and become true partners with small businesses
REDWOOD CITY, Calif. – October 29, 2013 – Yodlee, the platform for financial innovation, today announced a major expansion of Yodlee SmallBusiness – a unique suite of financial applications helping financial institutions meet the needs of America’s vastly underserved small and microbusiness sectors. Yodlee SmallBusiness gives business owners top-of-the-line tools for cash flow, payroll, expenses, receivables, and more, directly within their online and mobile banking portals, making financial tasks easier and quicker than ever and giving businesses more freedom to innovate and grow.
There are roughly 28 million American businesses with less than ten employees according to the US Census Bureau. However, two thirds of these microbusiness owners use their personal checking accounts for business purposes according to an ath Power study. With Yodlee SmallBusiness, banks can build stronger relationships with microbusiness customers by expanding business services far beyond lending.
“There is a new generation of services specifically tailored to the unique needs of today’s micro businesses, but they are often discreet applications or services that work in isolation,“ said Anil Arora, CEO of Yodlee. “Yodlee SmallBusiness is a great example of a one-to-many delivery system, securely tying those innovations together in a single, integrated experience, saving massive internal bank resources and empowering small business owners with a differentiated experience, powered by real-time data.”
Yodlee SmallBusiness now offers best-of-breed tools for receivables management, payroll, expense management, IRS categorization, cash flow analysis, and more, allowing business owners to manage their finances from anywhere, on any device. Many Yodlee SmallBusiness tools were developed in collaboration with leading business technology creators like SurePayroll, Execupay, and FreeAgent.
Once the Yodlee Platform is deployed, which it currently is with the vast majority of top financial institutions, the small business apps are enabled for customers and immediately available.
Small business owners gain real-time insights into their cash flow and can quickly make informed financial decisions, giving them more time to expand and develop their businesses. Banks, meanwhile, increase customer engagement and retention, create new revenue streams and gain deeper insight into their customers’ needs.
Yodlee SmallBusiness is currently available for financial institutions to incorporate into their online banking platforms. It will launch with a major American financial institution in November 2013.
Yodlee is the Platform for Financial Innovation. More than 600 companies globally, including 7 of the top 10 US financial institutions, rely on Yodlee to power personalized financial apps and services for millions of consumers, driving retention, engagement, and revenue. Leveraging the industry’s largest data platform, Yodlee also delivers real-time insight into consumer behaviors to create more dynamic interactions – anywhere, anytime, on any device.
Yodlee is headquartered in Redwood City. For more information, visit www.yodlee.com
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