Yodlee advertises Tandem as the first collaborative financial management application (app). Users can securely establish financial circles from their contacts and social networks, then manage those relationships through varying degrees of account access. For example, a parent may control a child’s account, but the child would have limited access to the parent’s. The app analyzes shared expenses, and users can complete account transfers and communicate within their circles regarding transactions.
Tandem also allows users to:
- Tag individual transactions from any account;
- Communicate in the context of transactions or accounts via a secure interactions space;
- Upload and share documents, transactions, receipts, etc.;
- Transact with full money movement, including account transfers and peer-to-peer payments;
- Analyze and monitor shared expenses by setting alerts in the shared space; and
- Establish and keep track of shared goals.
“Keeping track of your various financial relationships has, until now, been complex and time-consuming,” said Eric Connors, senior vice president of products at Yodlee. “Tandem gives you greater control of shared interactions.”
For financial providers, Tandem may help to encourage collaboration between advisers and clients. According to Yodlee, financial institutions will be able to incorporate the app directly into their existing mobile banking platforms. Tandem uses bank-level security and encryption technology; more information is available at www.yodlee.com.