Envestnet Data & Analytics Plans to Enhance Access to Financial Data, Improve Financial Wellness

Envestnet seeks to make it easier for customers to connect, grow, protect and manage the financial wellness of their business all in one place.

By DJ Shaw



Envestnet Data & Analytics has announced new platforms, innovations and partnerships at Money 20/20 USA, taking place this week in Las Vegas. By bringing together capabilities from throughout its business, Envestnet Data & Analytics seek to apply the use of data, intelligence, and technology to support the decisions people make about money and their financial future.

Envestnet offers data, digital solutions and differentiated experiences delivered and embedded through APIs and standalone portals with the goal of empowering customers to intelligently connect, grow, protect, and manage the financial wellness of their business all in one place.

The platforms seek to enable actionable intelligence and next best actions for Envestnet clients –driving measurable results to deliver the intelligent financial life for consumers, small and medium size businesses, advisers, and investors.

The new announcement include:

Platforms

  • Wealth data platform: a cloud-based data intelligence solution for wealth advisory firms that allows home offices and financial advisers to connect and enrich all the data sources across their practice and provide clients with actionable insights at scale on one holistic platform.
  • Banking data platform: available for banks and financial institutions of all sizes, including those who support small to medium-sized businesses. This platform provides an option to better support and guide customers on their financial journey along with their need to obtain high-level, holistic views of their retail banking and business’ finances.
  • Technology data platform: fintech, personal financial management and small business lenders can obtain high-level, holistic views of their business’ finances through innovations within Envestnet’s TDP—including the option to better support and guide customers on their financial journey through the use of finance apps and payments.

Solutions

  • Envestnet Insights Engine for banking and technology is a machine-learning based tool that supports the growth of client activities across the Envestnet ecosystem. As of the second quarter, Insights Engine had generated more than 17 million insights a day across 12 categories—compared with 11 million at year end 2021. Among clients who adopted them, there has been a 70% increase in usage of those insights.
  • The SMB Portal within the banking and technology data platforms provides customers with access to their data in one place, allows them to make important business decisions more easily, and take actions based on that data. The integrated portal includes the apps that most SMBs use to run their businesses and provides greater opportunity for growth and partnership between SMBs and banks.

Partnerships

  • To increase operational scale and business agility, Envestnet Data & Analytics has announced a partnership with TCS earlier this month. The partnership seeks to accelerate Envestnet’s response to growth opportunities in the market and be more dynamic in meeting clients’ expectations.
  • A digital financial wellness company, BrightUp has implemented Envestnet’s FastLink 4 to provide users with a better account linking experience. Through the integration, insights are now enabled to help users with debt consolidation, reduction, and emergency loans.
  • Fintech-as-a-service platform allows any company to embed financial services and payment capabilities into their existing applications, products or services through a single and scalable API. The partnership with VoPay provides Canadian enterprises access to multichannel payment rails and open banking capabilities enabling product managers and developers to build cutting-edge financial products.
  • A privacy-compliant identity network reviews more than 1.5 billion daily interactions generated by more than 550 million U.S. digital identity profiles (many U.S. residents have more than one email address) captured from a growing coalition of more than 150,000 websites and apps to provide real-time identity intelligence at scale. Deduce seeks to add a layer of fraud detection and prevention within payments solutions to help financial institutions ensure that the user verifying the account is who they claim to be before performing subsequent (and potentially costly) transactions.
  • FinGoal is an insights platform that sits atop of personal finance data and enables companies to benefit from their comprehensive data aggregation network. Leveraging the Aggregator Switch Kit powered by the FinGoal, developers can switch to Envestnet | Yodlee data aggregation in minutes with no disruption to current users, saving time and reducing friction.

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