May 11, 2011
TILE Financial, developer of next-generation products for financial institutions, launched a major innovation to its platform on stage at the FinovateSpring conference this morning.
TILE’s Financial Identity Profile is a new addition to the TILE platform. TILE is distributed by financial institutions and wealth advisors to their clients to help them connect with the younger generation of consumers.
The profile allows young people to connect to their financial lives in the way that Facebook profiles connect people socially and LinkedIn profiles connect people professionally. Not only does the page allow them to connect with friends, it also allows them to connect with their family’s financial advisor if they wish.
“The Financial Identity Profile is an important extension of TILE’s SPEND.GROW.GIVE. platform and another tool for our wealth management partners to reach the notoriously hard-to-reach Gen Y audience,” said TILE Founder and CEO Amy Butte. “Consumers under age 30 will inherit more than one trillion dollars over the next decade. Traditional firms need a way to connect to this audience and the estimated $10 billion in annual advisory revenues this group will control.”
TILE’s Financial Identity Profile combines real data from a member’s spending, growing and giving accounts with fun, interactive “Learn To” apps and exciting content. This helps young people shape their own identity as it relates to money. Financial advisors that partner with TILE help young people become more engaged with and smarter about their financial life.
Butte continued, “In the past, financial identity might have been, ‘I am what I have in the bank’ – the dollar signs drove how people looked at themselves. In today’s world it seems outdated. How can you identify yourself with just a number without understanding a lot of other things about yourself first?”
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TILE Financial is a New York City startup developing next generation solutions for financial institutions. TILE’s SPEND.GROW.GIVE. platform helps bankers and wealth managers reach the valuable and hard-to-reach Gen Y audience. TILE is led by Amy Butte, former CFO of the New York Stock Exchange, and a product team that developed the hugely successful Yahoo! Finance product. TILE is funded by Citi Growth Ventures.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6718919&lang=en
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