CIC Startup Micronotes Emerges From Stealth to Help Yodlee Appify Online Banking
Erin Kutz10/5/10Follow @erkutz
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100 percent compliant,” Klacko says.
See, Yodlee is already connected to more than 25 million users, through its destination interface, Yodlee MoneyCenter, and through other financial institutions, which account for the majority of its use. Yodlee powers the personal finance management section of online banking sites for a number of firms such as American Express, Bank of America, and CitiBank, all wrapped under each individual bank’s brand. (For example, the “My Portfolio” section of Bank of America’s site is actually powered and hosted by Yodlee.)
With the new app store, “we allow developers to come in on their own and get their content distributed on our channel,” Klacko says. “Developers can get access in a place where consumers already have a vested interest.”
Opening up the app platform to a number of developers—much in the way that Apple and Google do—also spares individual financial institutions from having to develop applications beyond their specialty. For example, retail banks won’t have to worry about developing a retirement savings or investment portfolio app, but can instead plug one in from an institution more expert in that space, Klacko says.
The FinApp store will first be rolled out at the destination Yodlee site starting this year, and financial institution customers will start to integrate the marketplace into their own sites starting early next year, the company says. Hazlehurst says Yodlee is following much the same pricing model as used by Apple’s App Store and Google’s Android Market, typically with the developer getting 70 percent of the revenue, and the other 30 percent going to Yodlee and the financial institution using the platform. App costs to the consumers are at the discretion of the developer, but Hazlehurst says that most likely … Next Page »
