REDWOOD CITY, Calif.,
Aug. 9, 2016 /PRNewswire/ --
Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and data
analytics platform powering dynamic, cloud-based innovation for
digital financial services, today announced the newest advancement
to the Envestnet | Yodlee Financial Data Platform, Transaction Data
Enrichment which provides consumers with greater clarity into their
financial transactions. Powered by a machine learning engine,
Transaction Data Enrichment augments financial transaction data by
adding a simple description, merchant name, category, and
transaction type in a contextualized manner based on the learnings
from millions of transactions. For the first time, Envestnet |
Yodlee is offering data enrichment technology through a fast and
efficient Data-as-a-Service (DaaS) engagement.
Financial institutions and FinTech innovators offering personal
financial management (PFM) or other financial apps are burdened
with the challenge of hard to read, ambiguous transactions, which
makes it difficult for consumers to recall the transaction when it
shows up on their bank or credit card statement. Without clearly
contextualized aggregated financial data, financial service
providers are not only increasingly reliant on customer support
teams to resolve inquiries, but they are also missing an
opportunity to use this data to better understand and serve their
customers. Envestnet | Yodlee Transaction Data Enrichment brings an
entirely unique and valuable solution to the market, providing
clarity and insight into financial transactions.
"Consumer transactions are the most insightful data that
financial service providers can harness to learn about their
customers. Accurate transaction classification is vital in
understanding spending and saving habits, payment preferences, and
share of wallet to personalize the customer experience. Until now,
financial institutions and FinTech innovators had no way to clearly
contextualize transaction data," said Lori
Martel, vice president, platform product management,
Envestnet | Yodlee. "With contextualized transaction data,
financial service providers can offer a more customized and
engaging online banking experience through web and mobile
applications."
Key features of Transaction Data Enrichment include:
- Pattern recognition and advanced machine learning to provide
context to a transaction, including a simple description, merchant
name, category, transaction type, fixed or variable spend,
frequency, and debit or credit transaction
- Highly contextualized and personalized data for cleaner, more
meaningful transactions that provide greater insight into spending
behavior
- Flexible delivery through Envestnet | Yodlee's fully hosted
applications and application program interfaces (APIs), or new DaaS
file-to-file method to enrich a large or small set of transactions
from multiple disparate systems on an intraday, daily, or
semi-regular basis
For more information about Envestnet | Yodlee Transaction Data
Enrichment, please visit: https://www.yodlee.com/tde
About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified
wealth management technology and services to investment advisors.
Our open-architecture platforms unify and fortify the wealth
management process, delivering unparalleled flexibility, accuracy,
performance, and value. Envestnet solutions enable the
transformation of wealth management into a transparent,
independent, objective, and fully-aligned standard of care, and
empower advisors to deliver better outcomes.
Envestnet | Yodlee is a leading data aggregation and data
analytics platform powering dynamic, cloud-based innovation for
digital financial services. More than 1,000 companies, including 11
of the 20 largest U.S. banks and hundreds of Internet services
companies, subscribe to the Envestnet | Yodlee platform to power
personalized financial apps and services for millions of consumers.
Envestnet | Yodlee solutions help transform the speed and delivery
of financial innovation, improve digital customer experiences, and
drive better outcomes for our clients and their customers.
Envestnet | Yodlee is headquartered in Redwood City, CA with global offices in
London and Bangalore. For more information, visit
www.yodlee.com.
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SOURCE Envestnet | Yodlee