Review: Yodlee
site: http://moneycenter.yodlee.com
Overview
I have to start out by saying that I really love Yodlee, always have, always will. I look at them like my first jeep; no matter what, I will always love that jeep. My first jeep was a used 1992 Jeep Wrangler with 75000 miles. I miss that Jeep (but my actions also led to that jeep’s death). She had KC lights, oversized tires, and a hard top that weighed a ton. I would constantly take her off-roading (actions that lead to death of jeep) It may be older and not have all the features of that my new jeep has, but she had everything I needed and my memories of her are positive and always will be. Odd analogy, I know, but that is Yodlee to me.
I have been using Yodlee for roughly 9 years now. Back then it was OnMoney and not to be too critical, but I think it still had a very similar interface to the current Yodlee. But Yodlee isn’t into slick UIs, rather Yodlee is into aggregating raw data…and they are damn good at it.
Accounts
Yodlee’s account base is massive. Banks, Billers, Insurance, Rewards, Email, Brokers…you name it, Yodlee more than likely has it. If they do not have it, then you can request them to add it and depending on demand, they will!
Support
Yodlee support is below average. They are working on improving their support, but right now support is very lacking. If you have a problem, you can submit a service request via the portal, however don’t expect an answer or communication immediately. Again this is something that Yodlee is working on and has made drastic improvements over the years.
User Interface
Yodlee’s interface is nowhere near a Web 2.0 interface. I would describe it as very plain and boring, but functional. If all you care about is pure, raw data – then Yodlee is for you! Users have the ability to customize their dashboards, however nothing too fancy.
Reporting
Reporting is another strong component to Yodlee. There are various different reports that you can, examples are:
- Spending Analysis
- Expense Analysis
- Spending by Category
- Budget vs Actual Spending
- Credit Card Utilization
- Budget
- Personalized Report
Alerting
A couple years ago I was sitting at home and I recieved an email from Yodlee stated: “Possible Fraud on Blah Card – charge exceeded defined limit.” Seeing this I was like WTF, I haven’t even used this card in about two – three years. I then remembered that after that card was paid off I set an alert to send me an email whenever a charge posts that is over $10. Pretty sweet feature! Turns out some scumbag charged $1500 worth of juice on my card for some MLM scam. As soon as I received the notification I contacted my CC company and the charge ware removed!
Intangibles
Yodlee allows you to aggregate data from accounts that most others do not even consider. Utilities, Insurance Companies, Email, Rewards Programs; all little things that wouldn’t make or break it for most, but are very nice to haves. I like seeing my rewards points that I’m gaining on my credit card. Not sure why, but I like to see that I’m gathering points with each purchase on my card.
Yodlee’s method for categorization is similar to most others out there, however they provide you with the ability to change any parent category and create whatever child category that you would like. This is definitely a huge plus if you do not like the default categories provided!
One feature that could be considered a pro and con is the fact that Yodlee stores your credentials on their infrastructure. To people concerned with security, this is a major concern. On the flip side, this is a very useful feature in that you can always recall what you credentials are for a given account if you forget them.
Lastly, Yodlee provides two other cool features that most other providers do not: Financial Calendar & Bill Pay.
The Financial Calendar is a useful tool (sadly I rarely use this tool). The calendar displays bills, deposits, and other transactions.
The Bill Pay component is decent, however since my bank offers free bill pay, I do not use this feature either.
Conclusion
If you want a solid personal finance management tool and do not care much about the overall user interface, then Yodlee might be the choice for you. You will not be disappointed with this feature rich PFM
Ratings (1 to 5, 5 being highest)
| Accounts | 5 |
| Support | 2 |
| User Interface | 1 |
| Reporting | 4 |
| Alerting | 5 |
| Intangibles | 4 |
