Yodlee Says Its Payments Platform is Being Rapidly Adopted in Europe

by Mercator Advisory Group 0

Yodlee, a US-based company well known for its online banking solutions, appears to be making progress entering the European market.

Powering PFM for more than 26 million individuals across the globe, Yodlee combines traditional PFM and payments with the new Yodlee FinApp Store— a financial services application marketplace—to create a personalized and actionable online and mobile money management experience. Yodlee’s European business grew dramatically in 2010, with a number of major European banks choosing Yodlee for their PFM requirements. Continuing the trend in the U.S., Yodlee is powering several of the products and services being demonstrated at FinovateEurope.

Consumers’ quest for financial management tools that provide actionable control has quickly become a global phenomenon. The desire for centralised online PFM among UK-based financial decision-makers was clearly demonstrated in a recent Yodlee survey, wherein 61% of respondents said that they would be likely to use PFM services offered through a bank or building society. With an estimated 95 million online banking users in Europe and about one in eight Europeans with a mobile phone using mobile banking today(1), the opportunity for PFM is unmistakable. In fact, more than 80% of online banking households reside outside the United States, according to Online Banking Report.

The European market is different from the US with the higher adoption of mobile banking among consumers. It will be interesting to see if Yodlee can deliver mobile features appealing to the European consumers.

Read the original PR here: http://www.prnewswire.com/news-releases/yodlee-announces-global-adoption-of-financial-services-platform-114995959.html

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