Quicken’s personal finance app allows users to share their financial information with trusted parties.
With this new feature of the Simplifi app, spouses can share information to align their budgeting, parents can help their children develop healthy financial habits, and users can help their aging parents manage finances, Quicken said in a press release on Wednesday (February 1). released.
Users can also share information with accountants to streamline tax preparation and with financial planners to collaborate throughout the year on budgets, the release said.
“When it comes to financial planning, consumers can feel isolated because of the individualized approach that many financial tools take,” Quicken CEO Eric Dunn said in the release. “But as we work toward financial freedom, collaboration can play a key role.”
The release of this feature comes on the heels of several other digital tools designed to help promote financial wellness.
For example, Cash App added a savings feature that allows customers to save with a specific balance, set savings goals and balance their purchases to increase their savings. These functions are designed to make it easy for people to save for the first time, the company said.
Likewise, Klarna has added a feature to its buy now, pay later (BNPL) app that harms money management by visualizing spending habits, providing animated quiz questions and delivering data from every spend with Klarna. The tool is meant to help consumers take control of their finances and make more informed decisions, the company said.
Credit unions and banks, too, can help younger consumers improve their financial health in the short term and build wealth in the long term, NCR President Doug Brown told Karen Webster of PYMNTS in an interview posted in January .
These financial institutions are sitting on data they can use to create meaningful relationships with younger customers, Brown said at the time.
“This is the time for us to step up in times of need and offer assistance to families,” Brown said.
With the new feature on Quicken’s Simplifi app, users can share their financial information without sharing their personal login credentials, according to the press release.
Those added to an existing user account will create their own login credentials, at no additional cost, the release said.
“Simplifi’s new sharing feature supports seamless collaboration, making it an even more effective tool for users to successfully live a healthy financial life,” Dunn said in the release.
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