Finder will release its new app in February 2020, which will allow consumers to compare loan, credit card, health insurance and energy packages from their mobile phones.
The Finder App will allow a customer to share their account information directly with finder.com for instant deal comparisons.
While the launch coincides with new Consumer Data Regulations (CDR), that forces banks to share account information with third parties, the finder.com approach bypasses banks by engaging customers directly.
“We’ve reinvented comparison with the Finder App. It will fundamentally change the way people compare products and will automate the comparison process,” said Finder.com founder Fred Schebesta.
“We’re partnering with global data provider Yodlee, which connects your bank accounts to the Finder App.”
How it works
Once a customer downloads the free Finder App they connect their bank, energy or health insurance accounts to the app, allowing access to their account data for the purpose of price comparisons.
Schebesta said customers would receive regular insights and alerts as better options become available.
“We don’t store member login details and they are securely encrypted,” said Schebesta. “Your data is secure, and we take privacy seriously. We don’t share your data with third parties.”
He said that the app delivers “intuitive and actionable insights” by notifying consumers when they can save money on their bills.
The app will also provide for customers to check on their financial health with real-time account monitoring and credit report alerts.
“Under the CDR, switching will become easier which will put the onus on banks to provide more competitive products. If they don’t, they will lose out,” he said.
“But banks with competitive products will benefit from the Finder App,” he added. “In fact, many financial institutions are excited about how the app will disrupt the market.”
“It will also provide account monitoring that will help track your transactions more easily.
“You won’t need to worry about missing out on the best home loan rates or health insurance policy because the Finder App will tell you.”
Consumers may join a waitlist for the app here.