Quicken’s personal finance app now allows users to share their financial information with trusted parties.
With this new feature in the Simplifi app, spouses can share information to reconcile their budgets, parents can help their children develop healthy financial habits, and users can help their aging parents manage their finances, Quicken said in a press release Wednesday (Feb. 1). to release.
Users can also share information with accountants to streamline tax preparation and with financial planners to collaborate on budgets throughout the year, the release said.
“Consumers can feel isolated when it comes to financial planning because many financial tools take a one-on-one approach,” said Quicken CEO Eric Dunn. “But when working toward financial freedom, collaboration can play a key role.”
The launch of this feature comes alongside a few other digital tools designed to promote financial well-being.
For example, Cash App added a savings feature that allows customers to save with a separate balance, set savings goals and round up purchases to top up their savings. These features are designed to make it easy for people to save for the first time, the company said.
Klarna also added a feature to its ‘Buy Now, Pay Later’ (BNPL) app, which plays up money management by visualizing spending habits, providing animated quiz questions and providing data on all Klarna spends. The tool is designed to help consumers take control of their finances and make more informed decisions, the company said.
Credit unions and banks can also help younger consumers improve their financial health in the short term and build wealth in the long term, NCR President Doug Brown told PYMNTS’s Karen Webster in an interview published in January.
Those financial institutions are using data they can use to build meaningful relationships with younger customers, Brown said at the time.
“This is a time when we need to step up the need and offer assistance to households,” Brown said.
With a new feature in Quicken’s Simplifi app, users can share their financial information without sharing their personal login credentials, according to a press release.
Those added to an existing user account will create their own login credentials at no additional cost, the statement said.
“Simplifi’s new sharing feature seamlessly supports collaboration, making it an even more effective tool for users to successfully live financially healthy lives,” Dunn said in a statement.
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