Having the tools to create successful financial outcomes is crucial in today's enterprise climate. Advisors and financial service providers need innovative technology, solutions and intelligence to make financial wellness a reality for everyone.
Envestnet | Yodlee is a global leader in data aggregation and data analytics, and the company and its solutions help consumers live better financial lives.
Envestnet was founded in 1999, on the premise that technology would change the financial advisor industry.
They have been operating in New Zealand and Australia for more than a decade and are actively engaged in the development of New Zealand's open banking and open data infrastructure. Trusted local customers include the likes of Xero, Booster, AMP Wealth and others.
"Our innovative products and services are trusted by more than 1,400 financial institutions and FinTech companies, including 15 of the top 20 US banks," says Tim Poskitt, Senior Director & Country Manager, Australia and New Zealand.
"We operate around the globe, from the US, Canada, and the UK to India, Australia and New Zealand, and we're actively pursuing open banking opportunities in South Africa and Europe."
The company's most notable solution is its financial data aggregation API. These APIs deliver data from over 17,000 global data sources, so banks and financial advisors can easily get the bank, credit card, investment, loans, rewards, and other financial account data they need to give customers actionable financial insights.
For the consumer, account aggregation brings together information from multiple accounts, tools, and institutions in order to get a 360-degree view of their finances to enable better spending and saving decisions.
"Customers are no longer content to build just a single app. They're aggregating APIs to create more holistic platforms that other people can then use to create a solution that runs on top of that," says Poskitt.
"This kind of "beyond banking" verification and integration is complex to build. Our leadership in consumer-permissioned account verification is proving to be a valuable element as a core element of their customer's journey."
The Envestnet | Yodlee Credit Accelerator was also launched last year. This solution instantly aggregates, categorises, and summarises consumer income and expenses over a three-month period for faster, more accurate lending decisions that adhere to Australia and New Zealand's Responsible Lending guidelines.
Businesses across the globe have also utilised the technology and found success. Five months after Finder launched their app utilising Envestnet | Yodlee's Data Aggregation API, over 70,000 Australians had downloaded it and unlocked over $54 million in potential savings collectively.
The company says they are continuing to work in line with market trends and working situations to create and provide the best solutions for customers.
"As a cloud-first SaaS company, we have the technology and solutions in place to support our teams and clients in the field and on-the-go," says Poskitt.
"Our customers are constantly evolving, so we are too. We're looking forward to exploring all the opportunities open banking creates to help consumers live better financial lives around the world."