Strands Blog

Two of the largest banks in the world are already using Strandsʼ technology to offer their customers a better overview of their personal finances.

Financial services companies that offer personal finance solutions increase their customer retention by up to four times.  This proves the importance of relying on this technology to build customer loyalty. In Spain, BBVA was the first to implement Strands’ technology last November and to launch the Tú Cuentas service.  A month after it’s launch, more that a 130,000 users had already tried the tool and to this day, more than 250,000 customers have already improved their personal finance management.

Now, Strands is proud to announce that ING has launched TIM for their customers in the Netherlands. The Dutch bank has chosen Strands technology to offer new services to their customers that allow them to better manage their expenses and income.

For the moment, TIM has been launched in the Dutch market in a private beta and only for a limited number of customers who have applied to participate in this pilot phase.  In the future, ING will offer the service to the bank’s online customers in the Netherlands.

The main goal of the new tool is to allow users to have a clear and complete overview of their financial situation.  Some of the innovative functionalities of the new tool include:

Automatic categorization of information:  The application automatically categorizes the users’ information into a set of predefined categories that make it easier to manage (for example, food, household…).

Analysis of a customers’ finances:  Based on the categorization, the information is presented to the user in a graphical way, enabling him to analyze his financial situation to better understand what his money is spent on.  The customer can see the evolution of his income and expenses in time and print pre-defined reports to consult at any time.  The information is displayed on the screen in an simple way that can be easily interpreted at first glance.

Comparisons with other users:  The service also allows users to compare themselves anonymously with other community members of his choice.  This helps customers better understand their financial situation and compare it to other collectives which can be useful to him or her.

Budgets and alerts:  The service allows the user to define his own budgets for different expense categories and set up alerts on their evolution by email or SMS

To learn more about Strands Personal Finance Technology, download the PDF brochure and discover why hundreds of thousands of people are using it to manage their personal finances.