The banking sector has long ago entered a new chapter in its ever changing facets and functionalities and it is what is known as the online banking system. Unlike before when you had to queue up a long line and wait for an available teller to assist you in any of the banking services such as withdrawals, deposits, fund transfers, check encashment, et cetera, all these can now be done in the comfort of your home or in the office without even your shadow setting foot in the bank. This feature of the banking system is called online banking.
Yodlee is an online solutions system that assists a client by coalescing all the important banking and financial tasks and arranging it in such a way that the customer is able to manage all his or her financial chores and work easily. Major banking establishments have put their confidence in Yodlee and allowed it to manage most of the most significant banking applications which puts ease on the end user’s online use which eventually dramatically boosts the banks productivity and puts more importance and value on online banking. Simply put, if a bank utilizes Yodlee, its clients can do simple and even complicated banking multiple functions online. Because of this, less people are needed to man the physical banking institutions.
And those that are already employed can best use most of their working time for something else instead of attending to customer’s needs. Aside from that, the bank’s clients have now been handed a centralized and a safer place to manage their financial tasks anywhere they are and anytime they want to using the power of the internet. This takes the stiffness off the banking process. Before, people are bound by the banking office hours and they can only do their financial transactions when the bank is open and this does not include evenings and the weekends. Yodlee has changed all of that by providing personal banking record access and the ability to manage them to the end customer anytime, anywhere. Yodlee has patented this online banking process and it is being utilized by more than a hundred thousand account types and more than two hundred bank establishments and similar financial institutions are currently using Yodlee’s banking solutions.
The strange part of it is that not many are aware that the online banking system is secure and is already up and running. Many still opt for the more traditional banking procedure of going to bank and transacting through the bank teller. However, there is a growing clamor for banking online capability in the United Kingdom. Those who have discovered online banking still use two or three websites to manage their finances and are still unaware that an available site can be utilized to manipulate different banking institutions using only a single site.