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 align their budgeting, parents can help their children develop healthy financial habits, and users can help their seniors parents to manage their finances, Quicken said in a press Wednesday (Feb. 1) release.
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 individual-based approach taken by many financial tools,” Quicken CEO Eric Dunn said in the release. “But when working toward financial independence, collaboration can play a key role.”
The release of this feature comes on the heels of other digital tools intended to help improve financial health.
For example, the Cash App adds a savings feature that allows customers to save with a different balance, set savings goals and accumulate their purchases to add to their savings. These functions are designed to make it easy for people to save for the first time, the company said.
Similarly, Klarna has added a feature to its buy now, pay later (BNPL) app that promotes money management by visualizing spending habits, providing animated quiz questions and delivering data. from all spending with Klarna. The tool is intended to help consumers take control of their finances and make more informed decisions, the company said.
Credit unions and banks, too, can help young consumers improve their financial health in the short term and build wealth in the long term, NCR President Doug Brown told Karen Webster in PYMNTS in an interview posted in January.
These financial institutions are sitting on data they can use to create meaningful relationships with young customers, Brown said at the time.
“This is the time when we step up in times of need and provide 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 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 seamlessly supports collaboration, making it a more effective tool for users to succeed in living a healthy financial life,” Dunn said in the release.
PYMNTS Data: Why Consumers Are Trying Digital Wallets
A PYMNTS study, “New Payment Options: Why Consumers Are Trying Digital Wallets” found that 52% of US consumers will try a new payment method by 2022, which many are choosing to try digital wallets for the first time.