“Strands Finance is presenting new “What If” functionality that takes PFM historical data and makes it relevant for the future. Users will gain greater insight and control of their financial health with little to no effort. For banks, the data is invaluable to better advise their customers. Strands has developed and leveraged pattern identification algorithms that help model future scenarios and the impact to the user’s short-term cash flow and long-term net worth.”
Strands
FinovateAsia 2012 Sneak Peek: Part 1
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A Closer Look into the Strands Finance PFM
Last month, I caught up with the team from PFM platform, Strands Finance, to chat about what they’ve been up to since demoing at FinovateEurope last year.
Overview
- Developing PFM solutions since 2007
- Headquartered in San Francisco, with offices in U.S. and Spain
- 50 employees worldwide
Clients
- Bank of Montreal
- BBVA
- ING
- Post Finance
1) Widgets
Strands Finance offers 15 different widgets that users can drag and drop on any page of their financial institution.
The company has found that the new widget design is especially popular with gen-Y users.
2) Categorization engine
The proprietary categorization has a 90%+ accuracy rate at launch of a client’s PFM after it is tweaked to recognize businesses in certain geographic regions. Its algorithms use vendor names, transaction codes and text strings to determine an appropriate category for a purchase. Transactions are categorized into over 80 categories. Customers can edit, split categories, or create custom categories.
3) Timeline view on expense analysis feature
Specific ranges of time are easily selected by using drop down and slider features.
4) Community comparison feature
Compare and contrast saving and spending habits with the average bank client. Users can drill down into details and filter by demographic information such as zip code, county, or city and narrow the search to specific spending categories.
5) Mobile/Tablet
The native app is simple to use, and it retains most of the capabilities as the online version. It is available for iPhone, iPad, and Android devices.
Strands Finance is developing a product marketing intelligence tool that will help banks analyze transactions and deliver personalized product recommendations. It has also started working on a wealth management solution that will provide users a picture of their overall wealth within the PFM.
To learn more about Strands Finance, watch its FinovateEurope 2011 demo.
Finovate Alumni News– June 29, 2012
- Austin Business Journal discloses Bazaarvoice reports $104M financing.
- IBT, FI solutions provider announces the launch MoneyDesktop as its PFM solution.
- Affinity Solutions Lands $14.5 Million in Funding from Chestnut Hill Ventures.
- Finovate takes a closer look into the Strands Finance PFM.
- The WSJ examines how SimpleTuition’s SmarterBank help students and alumni pay back student debt.
- Balance Street becomes an Affiliate Member of the California Bankers Association, will begin a pilot program to bring its debt settlement tool to California banks.
Finovate Alumni News– June 4, 2012
- O’Reilly Radar takes an in-depth look at FutureAdvisor, interviews CEO Bo Lu.
- Business Insider recommends Mint & BillGuard as worthy personal finance apps to help you control your finances.
- Strands Finance, selected as tech partner of PostFinance, a Swiss FI & payment transactions provider.
- HIT Consultant features Diversinet CEO on Newest Podcast.
- Security Service FCU selects Tyfone to deliver next gen mobile services.
- PaySimple named to JMP Securities Hot 100 Software Companies 2012.
- Austin’s Statesman.com asks: Can Bazaarvoice IPO be catalyst for new wave of startups?
- Altoona’s Hearld-Index profiles T8 Webare.
- Barron’s looks at SigFig as A Take-Charge Portfolio Manager.
- InComm & Absolute Software form partnership.
- The Examiner looks at how Virtual Piggy is protecting kids online & interviews Founder & CEO, Dr. Jo Webber.
- Check out the latest founder interview: Laura Mather of Silver Tail Systems.
Strands Featured in Bank Technology News for PFM Strategy
Earlier this week, Bank Technology News featured an article on Strands, a PFM solution provider looking to stand out in a very crowded market by tailoring consumers’ PFM experience.
Here are some quick snippets of information from the article:
- Aim of the PFM: create a single location to give clients a holistic picture of their assets and liabilities
- Target market of the PFM: consumers, bank staff, advisors
- Clients include: overseas financial institutions such as Bank of Montreal, Banco Bilbao Vizcaya Argentaria S.A. and ING Group NV
- Competitors: Mint.com, Geezeo, Wesabe, Yodlee, and more
The article notes that the competitors have started adopting different strategies to compete. One of those strategies, it notes, is to provide demographic-specific content. LearnVest, a PFM for women, is a great example of this.
To learn more about Strands, watch its FinovateEurope 2011.