Envestnet | Yodlee Unveils New Financial Wellness Solution

 

After developing a two-time, Best of Show-winning PFM technology, Envestnet | Yodlee has introduced the next evolution in its emphasis on financial wellness. Launched last week at the Digital Banking Summit, the Personal Financial Wellness Solution is a new suite of apps and APIs that apply machine learning and AI to Envestnet | Yodlee’s vast trove of transaction data and analytics. The initial solutions from the suite, OK to Spend and Save for a Goal, give consumers actionable insights into their spending and saving behaviors, and provide a straightforward way to see, understand, and improve financial well-being.

In an interview previewing the announcement, Envestnet | Yodlee VP of Product Applications Katy Gibson pointed out how the new solution was an important development away from the conventional approaches to savings solutions. She credited a deeper understanding of how the average person relates to their individual financial status as key to this pivot. “The previous PFM model was well-suited for a certain type of consumer who was financially-engaged and financially-literate,” Gibson explained. “We needed to figure out how to better serve the 70-80% who care (about their finances), but feel anxiety, and are not very financially literate.”

Pictured: Envestnet | Yodlee VP of Product Applications Katy Gibson demonstrating the company’s financial guidance solution at FinovateFall 2016.

OK to Spend leverages data analytics to review and examine spending habits. The solution runs machine learning algorithms to create a holistic financial forecast that helps the user become and remain financially organized. Available as both an app as well as via RESTful API, OK to Spend anticipates future and recurring income and expenses and provides regular notifications and updates. Gibson praised the “single number simplicity” of the solution. “People are drowning in data,” she said. “The last thing I want to do is scroll through my transaction data to see what’s coming.” Instead, OK to Spend provides weekly and monthly communications, along with a calendar of upcoming income and spending. With Save for a Goal, consumers can manage and track savings goals across a variety of accounts and timeframes.  The interface relies on visual aids like progress bars and graphs, as well as alerts, to keep consumers engaged with their savings success.

Gibson emphasized the importance of customer engagement in a statement accompanying the product announcement. She sees the kind of “personalized user experiences” provided by solutions from Envestnet | Yodlee as an extension of the “relationship-based banking (that) has been the key to success and customer loyalty for financial institutions for years.” She added “helping consumers meet their financial goals is the best way to build lasting customer relationships.”

Founded in 1999 and headquartered in Redwood City, California, Yodlee’s comprehensive transactional data network helps financial services providers deliver a wide range of financial planning and wealth management solutions via mobile and API. A multiple-time Best of Show winner, Yodlee was acquired by Envestnet for $660 million in August 2015, and made its most recent Finovate appearance as Envestnet | Yodlee this February at FinovateEurope 2017.

A month later, Envestnet | Yodlee unveiled its Risk Insight Suite, a set of risk reporting tools to help lenders improve upon the data gathered from traditional credit sources by factoring in consumer financial information. The company partnered with mobile banking startup, Varo Money earlier this year, and last December announced integration with Microsoft Dynamics 365 for Financials. Envestnet | Yodlee is also a veteran of our developers conferences, most recently presenting at FinDEVr Silicon Valley last fall. At the event, Director of Platform, Product Management Deviprasad Kocherry and Sr. Product Manager, Mobile Platform, Deven Maru, discussed “Fast Track API Integration with Envestnet | Yodlee.” In May, Jeff Cain Director of the Envestnet | Yodlee Incubator, participated in our webinar “How to Make It in the Fintech Industry: 3 Startup Success Stories.”

Envestnet is headquartered in Chicago, Illinois, and was founded in 1999. The company serves more than 55,000 advisors and 2,500 companies including 16 of the biggest banks in the U.S. and 38 of the biggest wealth management firms and brokerages. Publicly traded on the NYSE under the ticker symbol, ENV, the company announced first quarter 2017 results last month.  Jud Bergman is chairman and CEO.

 

Finovate Alumni News

On Finovate.com

  • Europe’s Got a Brand New Bank as Klarna Earns License.
  • Envestnet | Yodlee Unveils New Financial Wellness Solution.

Around the web

  • Avoka wins ATB Financial Customer Onboarding Global Innovation Challenge.
  • ACI Worldwide offers UP Immediate Payments solutions via hosted cloud.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

 

Webinar On-Demand: How Start-Ups Can Make it in the Fintech Industry

On May 17th, Finovate hosted its first-ever webinar: “How to Make it in the Fintech Industry: 3 Startup Success Stories.” On the panel was Moven CTO Kumar Ampani, Clinc founder and CEO Jason Mars, and Jeff Cain, Director of the Envestnet | Yodlee Incubator as they share insights on what fintech entrepreneurs what they need to know in order to turn their innovations into the solutions, apps, and services of tomorrow.

What does it take turn your fintech startup into one of the industry’s great success stories?

The growth of fintech worldwide is creating more opportunities than ever for entrepreneurs and startups. The same industry that is making it easier for the underbanked to build a financial future is also making cross-border payments cheaper, safer, and more transparent for the world’s largest financial institutions.

And from crowdfunding platforms to chatbots, fintech is the place where the social and the “artificially-intelligent” are partners in helping us save, spend, and invest.

How can startups harness this global opportunity in fintech and turn it into demand for their own innovations and solutions? What does it take to separate your fintech startup from the rest of the pack?

Watch on-demand >>

How to Make it in the Fintech Industry: Startup Success Stories Speak Out

Join us on Wednesday at 11am Eastern as we sit down with representatives from three of fintech’s most innovative companies for our first webinar, How to Make It In the Fintech Industry: 3 Startup Success Stories. We’ll investigate what it takes for fintech startups to get their technologies seen, talked about, and ultimately bought and deployed by financial institutions, e-commerce merchants, and everyday consumers looking for technology-based solutions to their financial challenges.

Check out our How to Make It In the Fintech Industry panel:

Kumar Ampani, Chief Technology Officer, Moven

Before taking the CTO helm at Moven, Ampani was the company’s Chief Software Architect. Ampani is a technology leader with 25 years of experience in architecture, design, implementation, security, and successful delivery of high quality complex business and technology solutions. He is a graduate of Villanova University and Sri Venkateswara University.

 

Dr. Jason Mars, Founder and CEO, Clinc

A professor of computer science at the University of Michigan, Mars co-founded Clinc, the cutting-edge A.I. startup that created Finie, a financial personal assistant that emulates human intelligence and makes it possible to interact with your bank account in a natural, conversational way. His work building the world’s first open-source platform for constructing large-scale personal assistants has been recognized globally.

 

Jeff Cain, Director, Envestnet | Yodlee Incubator

Cain runs the Envestnet | Yodlee Incubator which helps developers, innovators, and entrepreneurs launch disruptive, data-driven companies and accelerate their growth. He is a corporate and business development professional, experienced in sourcing, structuring, negotiating, and closing a range of successful transactions. Cain was educated at Harvard University and Stanford Universities.

How to Make it In the Fintech Industry begins at 11am Eastern Time on Wednesday, May 17th. In addition to insights from our panelists, we’ll also have a brief Q&A session at the end of the webinar so you can ask the specific questions that matter most to you and your strategy for fintech success.

Remember spaces are limited. So visit our registration page today and save your spot.

Webinar: How to Make it in the Fintech Industry – 3 Start-Up Success Stories

What does it take to turn your fintech startup into one of the industry’s great success stories?

The growth of fintech worldwide is creating more opportunities than ever for entrepreneurs and startups. The same industry that is making it easier for the underbanked to build a financial future is also making cross-border payments cheaper, safer, and more transparent for the world’s largest financial institutions.

And from crowdfunding platforms to chatbots, fintech is the place where the social and the “artificially-intelligent” are partners in helping us save, spend, and invest.

How can startups harness this global opportunity in fintech and turn it into demand for their own innovations and solutions? What does it take to separate your fintech startup from the rest of the pack?

On May 17th at 11am Eastern, Finovate will host its first-ever webinar: How to Make it in the Fintech Industry: 3 Startup Success Stories.” Join Moven CTO Kumar Ampani, Clinc founder and CEO Jason Mars, and Jeff Cain, Director of the Envestnet | Yodlee Incubator as they share insights on what fintech entrepreneurs need to know in order to turn their innovations into the solutions, apps, and services of tomorrow.

Register now for your place on the webinar >>

Meet your speakers

Panelist: Kumar Ampani

Chief Technology Officer

Moven

 

 

Panelist: Jeff Cain

Senior Director

Envestnet | Yodlee Incubator

 

 

Panelist: Dr. Jason Mars

Co-founder and CEO

Clinc

 

 

 

Moderator: David Penn

Research Analyst

Finovate

 

FinDEVr APIntelligence

FDNY17-Logo-RevFinDEVr New York will be here in just two short weeks! Check out company features and take a look at the previews from upcoming presentations. And of course, don’t forget to register today to save!

On FinDEVr.com

  • Envestnet | Yodlee Launches Suite of Risk Reporting Tools.
  • PwC Brings Blockchain PoC to London’s Specialty Insurers
  • Shwayhat Steps Up: GreenKey Technologies Announces New CEO
  • Scotiabank and AlphaPoint Wrap Up Blockchain Trial
  • Check out these previews from upcoming FinDEVr New York presentations:

Alumni updates

  • BBVA Compass adds cash-back incentive to stimulate interest in mobile banking app.
  • OutsideIQ teams up with Genpact to bring better risk management, KYC, and AML compliance solutions to banks.
  • Bluefin Payment Systems joins forces with The Pinnacle Corporation, bringing point-to-point encryption (P2PE to the latter’s Palm POS platform.
  • Top 10 global bank deploys mobile capture technology from Kofax.
  • IBM forges strategic partnership with Salesforce, connecting AI platforms IBM Watson and Salesforce Einstein.
  • Arxan Application Protection named Best IoT product at the 2017 Cybersecurity Excellence Awards.
  • Kontomatik nominated at the Dutch FinTech Awards 2017.
  • Mambu goes live in the Americas with new offices in Miami and new regional managing director.
  • PayPal partners with Oro ecommerce platform.
  • UK food retailer, The Co-operative Group chooses ACI Worldwide to run wallet service.
  • Palestine’s The National Bank deploys core banking technology from Temenos.
  • Dallas News features Bruce Parker, founder and CEO of ModoPayments.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Envestnet | Yodlee Launches Suite of Risk Reporting Tools

Screen Shot 2017-03-06 at 11.02.05 AM

Data aggregation and analytics platform Envestnet | Yodlee launched a Risk Insight Suite today. The collection of reporting tools are aimed to help lenders bolster information gained from traditional credit reports by leveraging consumer financial data.

Using a co-brandable experience, the reports pull information directly from a prospective borrower’s banks to offer lenders an up-to-date picture of the borrower’s assets, income, and expenses. This detailed level of account information helps lenders with underwriting, origination, pre-qualification, and account review. The system leverages machine learning, along with a risk-based engine to simplify the review process and highlight any issues that may indicate a riskier borrower.

In the press release, Terry McKeown, Practice Manager, Credit Analytics at Envestnet | Yodlee said, “By using consumer permissioned financial data, lenders can obtain a complete financial picture of a borrower. This is especially true for credit invisible consumers who have no credit file or cannot be scored with traditional models, and for subprime consumers whose transactional data can help lenders make more accurate assessments of risk.”

Along with providing more valuable metrics for the lender, the Risk Insight Suite creates a smoother user experience for the end client. Because Envestnet | Yodlee pulls all necessary information directly from the user’s bank, there is no need for the client to supply paper bank statements and tax returns.

This is similar to the company’s Mortgage Asset Verification product launched in December of last year. In comparison, that offering is exclusive to mortgage borrowers, while the Risk Insight Suite of reporting tools caters to a larger audience. Envestnet | Yodlee most recently demoed at FinovateFall 2016 and at FinDEVr Silicon Valley 2016 where Deviprasad Kocherry, director of platform and product management, and Deven Maru, senior product manager of mobile platform, presented on fast integration using the company’s APIs. Since acquiring Yodlee in August 2015 for $660 million, Envestnet | Yodlee has built out its Advisor Now solution and landed a partnership with Morgan Stanley’s wealth management arm.

Finovate Alumni News

On Finovate.com

  • Patch of Land Picks Matthew Zall for Chief Investment Product Officer.
  • Dwolla Launches Same-Day Bank Transfers.

On FinDEVr.com

  • Envestnet | Yodlee Launches Suite of Risk Reporting Tools.

Around the web

  • UK food retailer, The Co-operative Group chooses ACI Worldwide to run wallet service.
  • Palestine’s The National Bank deploys core banking technology from Temenos.
  • Experian joins Marketplace Lending Association as an associate member.
  • Maine Startups Insider features David Joseph, co-founder of Davo Technologies.
  • Dallas News founder features Bruce Parker, founder and CEO of ModoPayments.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinDEVr APIntelligence

FDNY17-Logo-Rev

FinDEVr New York is just over one month away. Visit our registration page today and save your spot as our developer’s conference returns to New York City, March 21 & 22, for two days of APIs, SDKs, case studies, coding examples, and more.

On FinDEVr.com

  • Braintree Hires John MacIlwaine as New CTO.

The latest from FinDEVr New York presenters. Catch them at FinDEVr New York next month!

  • ChartIQ to provide Fidessa with HTML5 charting options.

  • Clutch recognizes Softjourn as one of the top web and software developers in the Ukraine.

  • Fiserv wins inaugural Technology Association of Georgia (TAG) Fintech ADVANCE Award for its Verifast palm authentication technology.

  • Vantiv to provide debit, credit, and ATM processing services for Financial Technology Solutions International.

  • Massachusetts-based bank, Salem Five ($4.2 billion in assets) picks Fiserv as its new technology partner.

  • Vantiv partners with CardFlight to Offer EMV Mobile POS Solution.

Alumni updates

  • Intuit deploys VersaPay ARC for its SME customers and accountant clients.

  • Wave to offer OnDeck business loans and lines of credit courtesy of new partnership.

  • IBM leverages Hyperledger Fabric to support a trade finance-oriented blockchain project in Dubai.

  • Entersekt CIO Gerhard Oosthuizen shares advice on passwords and protecting personal data in Moneyweb.

  • ACI Worldwide teams up with Chargebacks911 to help merchants handle fraudulent chargebacks.

  • MoneyGram using Mobile Verify from Mitek to meet AML requirements.

  • Envestnet | Yodlee partners with mobile-only banking startup, Varo Money.

  • Xero partners with Sasfin Bank to offer next generation financial management to small businesses.

  • Betterment unveils new multi-plan offering with access to human advisors.

  • Fidor partners with EPAM Systems to gain access to additional product development and software engineering talent.

  • Avoka names former KPMG executive Matt Lewis as new CFO.

Stay current on daily news from the fintech developer community! Follow FinDEVr on Twitter.

Finovate Alumni News

On Finovate.com

On FinDEVr.com

  • Braintree Hires John MacIlwaine as New CTO.

Around the web

  • First national private bank of Turkey, Yapi Kredi to deploy Eyeprint ID from EyeVerify for mobile logins. Join EyeVerify in London for FinovateEurope.
  • Envestnet | Yodlee partners with mobile-only banking startup, Varo Money.
  • Bloomberg Technology talks with Misys CEO Nadeem Syed on IPO plans, AI, and P2P lending. See Misys at FinovateEurope in London next week.
  • OutsideIQ’s Founder and CEO featured in InfoWorld.
  • Xero partners with Sasfin Bank to offer next generation financial management to small businesses.
  • Prosper Appoints Usama Ashraf Chief Financial Officer.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.