Endorsements can help politicians build their power and support base, but they can also provide companies a major boost in business.
That’s what Tolland-based personal finance management software company Geezeo hopes a recent endorsement by the American Bankers Association provides.
The ABA, which is the largest lobbying arm of the U.S.’ small, regional and large banks, recently gave its seal of approval to Geezeo’s cloud-based personal and business financial management tools, which allow consumers to track their transactions, categorize expenses, and monitor spending goals.
The technology is sold to banks and credit unions, which integrate the tools into their own online and mobile platforms.
“This is a real nice feather in our cap,” said Geezeo co-founder Peter Glyman. “For them to endorse us it’s a really big deal. It should open up additional doors for us.”
Glyman said credit unions have been Geezeo’s largest customers to date, but the company is trying to expand business with community banks, which is why the endorsement offers such opportunity. The ABA searched for a “preferred and trusted” vendor it could recommend to its members and eventually selected Geezeo’s technology.
In a statement, Ken Burgess, chairman of ABA’s endorsed solutions banker advisory council, said: “Today’s account holders expect a unified anytime, anywhere, any device, integrated experience. We believe Geezeo’s [personal financial management platform] is the right strategic choice to deliver top-flight experiences for bank customers.”
Geezeo currently has about 350 clients around the country and employs about 30 people in Tolland.
They unveiled a small business version of their financial management software last fall and are focused on selling that to banks and credit unions as well, Glyman said.
Beyond the ABA endorsement, Glyman said he sees significant growth opportunities because he believes personal financial management tools are the next big thing in online and mobile banking.