REDWOOD CITY, Calif.,
Aug. 5, 2020 /PRNewswire/
-- Envestnet | Yodlee, (NYSE: ENV), a leading data aggregation
and analytics platform powering dynamic, cloud-based innovation for
digital financial services, today announced its Insights Solutions,
designed to help financial institutions and FinTechs grow their
market share by enabling hyper-personalized digital financial
experiences and providing the data needed for customer
segmentation.
Envestnet | Yodlee's new APIs enable financial service providers
to develop experiences that engage customers proactively across
their financial wellness and financial planning channels. The
combination of actionable insights, unique peer benchmarking
capabilities and personalized views allow digital financial
experiences to provide timely and impactful virtual financial
assistance. These new solutions also empower financial service
providers to unlock the value of data to support more informed
decision making, accurate customer segmentation and actionable
guidance for their customers.
"Hyper-personalization is the new baseline for success, and
financial institutions and FinTechs who have a more advanced
understanding of consumers and tailor their offerings accordingly
will have a strategic and competitive advantage, " said
Brandon Rembe, SVP of Product at
Envestnet | Yodlee."Through our Insights Solutions, financial
service providers will have access to meaningful consumer insights
faster and more affordably than by growing their own data science
team."
A more granular understanding of consumers is no longer a
'nice-to-have' item, but a business imperative for financial
institutions and FinTechs. The value of hyper-personalization
within the financial services industry is estimated at between
$200 billion and $450 billion1. Through machine
learning techniques and algorithms, financial service providers can
give consumers a 360-degree, personalized view of their finances to
help them make better decisions at all stages of life such as
saving for retirement, starting an emergency fund or managing
monthly expenses.
Envestnet | Yodlee's Insights Solutions offer a range of
financial wellness insights helping consumers leverage actionable
guidance, such as:
- Predictive cash flow capabilities, including projected warnings
and forecasts
- Alerts based on spending, categories, credit limits and refund
monitoring
- Spending insights that cover subscriptions and frequently-used
merchants
"Personalization in financial services marks a critical frontier
for the industry, and broader application of personalized services
across sectors is accelerating consumer demand. These types of
solutions signify an important leap forward by supplying financial
service providers with the tools they need to provide high-quality,
personalized customer experiences that can make a meaningful impact
on their financial future," said Tiffani
Montez, Senior Analyst at Aite Group.
The Envestnet | Yodlee Insights Solutions will be available in
the third quarter of 2020.
About Envestnet
Envestnet, Inc. (NYSE: ENV) is transforming the way financial
advice and wellness are delivered. Our mission is to empower
advisors and financial service providers with innovative
technology, solutions, and intelligence to make financial wellness
a reality for everyone. Over 103,000 advisors across more than
4,900 companies including 16 of the 20 largest U.S. banks, 46 of
the 50 largest wealth management and brokerage firms, over 500 of
the largest RIAs, and hundreds of FinTech companies, leverage the
Envestnet platform to grow their businesses and client
relationships.
For more information on Envestnet | Yodlee, please
visit www.yodlee.com, subscribe to our blog, and follow
us on Twitter (@Yodlee) and LinkedIn.
1 https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/a-technology-blueprint-for-personalization-at-scale#
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SOURCE Envestnet | Yodlee