Envestnet | Yodlee significantly increases global open banking data connections
By Edlyn Cardoza
As the growth of open banking accelerates, Envestnet | Yodlee, leading data aggregation and analytics platform for financial services, has dramatically grown its open banking activities across the globe to allow consumers to manage their finances better and build wealth. The Company’s global open banking account connections now number in the millions, experiencing a 60%+ average monthly growth rate over the most recent six months.
“Open access to financial data is continuing to transform the way consumers and businesses interact with and access their financial information, all with an eye toward helping them with financial wellness,” said Enrico Camerinelli, Strategic Advisor at Aite-Novarica Group. “Envestnet | Yodlee is a strong example of the collaboration taking place both within the financial services industry and in the regulatory community to give consumers and business practitioners the access and information they need to make informed and lasting financial decisions.”
Open banking provides more collaborative, safe, secure, and transparent access to consumer financial data through API technology, governed by either commercial agreements or regulations. This allows consumers to fully access their financial information from various platforms to use with their third-party app of choice to improve their financial health. The Company is actively partnering with financial institutions on data access agreements and with policymakers and regulators to expand usage of the global open banking ecosystem, which reached nearly 25 million global consumers in 2020, according to Statista.
“Building an intelligent financial life™ is contingent upon having access to your financial data,” said Bill Crager, Co-Founder and CEO of Envestnet. “Envestnet | Yodlee is leading the way to bridge this data for consumers to share their data safely and securely with their Financial Institution and Fintech applications, or Financial Advisors of choice.”
“The seismic shifts taking place in the financial services industry are being driven by financial data and consumer’s rights to their financial data,” said Chad Wiechers, Senior Vice President of Data Access and Strategy at Envestnet | Yodlee. “Partnership between data aggregators like Envestnet | Yodlee and either regulators or financial institutions around the world are critical to accelerating financial data access.
As the future of open banking continues to evolve, Envestnet | Yodlee will continue to work with policy groups to drive regulation beyond just traditional banking data to include investment data. Leveraging these systems towards broader consumer data security can ensure that all parts of the financial industry are held to a secure standard. Additionally, establishing connections in other countries will ensure more secure access worldwide.
Recently, IBS Intelligence reported that Jack Henry announced its collaboration with Envestnet | Yodlee, leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services.
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