bankingciooutlook

LendingTree Launches New Features for My LendingTree Users to Improve Their Financial Lives

Banking CIO Outlook | Wednesday, September 30, 2020

LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs.

FREMONT, CA: LendingTree, the nation's leading online loan marketplace, announced the launch of a series of new features for My LendingTree users to help consumers better manage their financial lives. The LendingTree app can now connect directly with consumers' checking and savings accounts in addition to credit cards and loans, giving users a more comprehensive overview of their financial profile.

By integrating checking and savings account information, My LendingTree will provide a comprehensive overview of budgets, spending habits, transaction history, and cash flow analysis in the same place users can check credit scores, savings recommendations, and identity monitoring updates. This new feature consolidates the most important financial information in one place, so consumers don't need to use multiple services or apps to gauge their financial health.

"Fintech is helping to make money easier, which often begins with understanding your financial situation and the options available to you," said Eric Sager, COO of Plaid. "MyLendingTree now makes it easy to securely link your financial accounts through Plaid, including loans and other debts, and get a comprehensive view of your finances to help you improve your money management."

New My LendingTree Features:

• Connect Bank Accounts: Users can connect their bank account(s) to My LendingTree from over 11,000 financial institutions, powered by Plaid.

• Cash Flow Analysis: Using historical financial transactions and spending history, users can view monthly cash flow projections.

• Budget Tracker: The budgeting feature informs users how their monthly spending lines up with the recommended budget (below, on track, too high), or they can set their budgets. The app will also give the user a snapshot into which categories they are spending the most money on, where they may be off-track, and offers the ability to drill-down to see transaction-level information.

• Monthly Spending: Looks at the most current month of spending compared to previous months.

• Transaction History: Provides expense and income records across all connected accounts instead of being limited to a single account or bank. Users can filter or search to find exactly what they need.

• Linked Accounts Summary: Provides a high-level view of all a user's connected accounts (including checking, savings, loans, and credit cards) all in one place.

"We're thrilled to offer consumers even more tools to give them greater control of their finances," said Sushil Sharma, Chief Product Officer at LendingTree. "By integrating checking and savings accounts, LendingTree is empowering consumers with a deeper understanding of their financial lives so that they can make smarter financial decisions in the future."

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