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Tracking fintech, banking & financial services innovations since 1994
Envestnetannounced today that it is adding five Yodlee FinApps to MoneyGuide’s MyBlocks client-engagement tool. This will give financial advisors new resources to improve customer engagement as well as their customer’s financial wellness.
An interactive, digital experience, MyBlocks helps advisors engage clients on topics such as social security and retirement compatibility by breaking them into “bite-sized blocks” that are easier to understand, navigate, and manage. By adding Yodlee Finapps, advisors will also be able to offer clients a holistic view of their assets, insurance, and other financial information, as well. “Get clients engaged faster and keep them engaged,” Envestnet | MoneyGuide president Tony Leal said. “That’s the foundation of MyBlocks.”
The new five blocks include:
AI Fintech: AI-driven virtual assistant that measures financial health
Cash Flow Analysis: financial tracker that forecasts future expenses and income
Investment Holdings: portfolio viewer with ability to examine sectors and individual holdings
NetWorth Summary: aggregated, continually-updated snapshot of assets and liabilities
OK to Spend: cash flow optimizer that provides transparency on future income and expenses
This week’s announcement furthers the initial integration between MyBlocks and Yodlee FinApps announced over the summer. The new blocks are currently available to MoneyGuide customers who are subscribers to MyBlocks and have licensed Yodlee data aggregation. The offering is expected to be extended to all registered investment advisors using the Envestnet | Tamarac platform in 2020.
“This is another step in our journey to create a unified advice network that allows advisors and their clients to build better financial futures,” Envestnet interim CEO Bill Crager said.
Founded in 1999 and headquartered in Chicago, Illinois, Envestnet| Yodlee demonstrated its latest financial wellness data offering at FinovateFall in September. The new app enables users to structure their financial data in repositories called “boards” that leverage notifications, alerts, and insights to make it easier for users to manage their finances. Among other recent offerings from the company are its Intelligent APIs, unveiled just weeks ago, which take advantage of data science and machine learning to empower the development of “hyper-personalized” financial solutions.
Envestnet has more than 99,000 advisors and 4,100+ companies using its data aggregation and digital analytics platform and services. The company’s customers include 17 of the 20 largest U.S. banks, 43 of the 50 largest wealth management and brokerage firms, and 500+ of the largest Registered Investment Advisers. Recent partnerships with Envestnet include working with Voya Financial over the summer to help the firm launch a hybrid roboadvisory solution, and announcing a $500 million acquisition of PIEtech – the mother company of MoneyGuide – this spring.
Envestnet acquired multiple-time, Finovate Best of Show winner Yodlee in 2015 for $660 million. The company is publicly-traded on the NYSE under the ticker ENV, and has a market capitalization of $3 billion.
Data aggregation and analytics company Envestnet | Yodlee made a strategic hire to its Developer Experience team this week, recruiting Sebastien Taveau (pictured), former chief developer evangelist for Mastercard, as its vice president of Developer Experience.
Taveau is charged with overseeing the new developer experience, positioning it as a developer-first platform, and strengthening ties with the fintech developer community. And Taveau is well-suited for the job; he brings more than 20 years of experience working in POS, mobile payment, mobile security, mobile identity, and consumer solutions.
Among his prior roles are chief technologist at Zelle/Early Warning Services, chief developer evangelist for Mastercard, CTO for Validity, and principal/astronomer at PayPal.
“Sebastien’s blend of skills, experience and passion for the job are invaluable in our continued commitment to delivering upon our developer first vision and driving industry innovation. His role is also vital in nurturing our important relationship with the fintech community, enabling them to better serve their customers,” said Brandon Rembe, SVP of products at Envestnet | Yodlee.
Hiring Taveau is part of a broader effort Envestnet | Yodlee has put forth into crafting the developer experience. Last month, the company unveiled a new developer experience that delivers enhanced data that spans 18,000 global sources, as well as updated tools that aim to speed up the developer experience. The new tools will be available to developers by the end of 2018.
Envestnet | Yodlee showcased its predictive financial wellness and intelligence solution at FinovateFall 2018. Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee is a public company listed on NYSE under the ticker ENV. It has a market capitalization of $2.37 billion.
Which fintech companies have continued to impress Finovate audiences over the years? The return of Kasasa to FinovateSpring last month, winning its fourth Best of Show award in the process, got a few of us thinking that it was a good time to take a look at which companies have been selected as fan favorites most frequently after demoing their latest technologies live on stage.
We’ve highlighted companies that have been especially popular at certain conferences, such as FinovateAsia and FinovateSpring before. Here is our compendium of the top Best of Show vote-getters to date for all shows combined (minimum of three wins).
The Big Three
The three companies that have won the most Best of Show awards from Finovate audiences reflect three different themes in fintech over the years: the allure of social investing (eToro), the rise of data analytics in banking (MX, formerly Money Desktop), and the persistence of the payment card (Dynamics). What is especially impressive about all three companies in our Best of Show Big Three is their ability to innovate over time. Each alum won their first Best of Show award between 2010 and 2012 and won their most recent Best of Show award between 2016 and 2018.
Dynamics (8) Founded in 2007. Headquartered in Pittsburgh, Pennsylvania. Jeff Mullen is CEO.
Of our Super Six – the six companies to have won Best of Show awards four times – what is most interesting is also the way many of them have been proven innovators over a time of major change in fintech. Companies like Kasasa (formerly BancVue) and Yodlee (now Envestnet | Yodlee) made their big splash back in the earliest days of Finovate and, with recent Best of Show wins in 2018 and 2017, respectively, shown that they are still among fintech’s most inspiring solution providers.
Two of the companies in our Fantastic Four companies that have won Best of Show awards three times have since been acquired. LearnVest, a three-time Best of Show winner from 2011-2013, was acquired by Northwestern Mutual for more than $250 million in 2015. EyeVerify, which won Best of Show awards on three different continents, was acquired by Ant Financial in 2016. The company now operates as ZOLOZ, and is focused on providing digital identity solutions for the underbanked in Asia.
Data aggregation and analytics firm Envestnet | Yodlee bolstered its PFM capabilities this week with the launch of AI FinCheck.
The AI-powered financial wellness solution leverages consumers’ transaction data, AI, and machine learning to monitor users’ financial health and offer actionable financial guidance tailored to their circumstances. AI FinCheck, along with the company’s OK to Spend feature that offers forward-looking cash flow balance information, are offered as part of Envestnet | Yodlee’s financial wellness suite.
Vice President of Product Applications at Envestnet | Yodlee Katy Gibson said, “By expanding our Financial Wellness Solution to include the new AI FinCheck application, financial service providers can provide their consumers with a personalized virtual financial wellness assistant which delivers actionable insights to help improve their financial health.” She added that because the tool uses real-time data, it can help consumers make informed financial decisions.
For each user AI FinCheck offers automated, personalized financial health insights across users’ spending, saving, borrowing and planning habits. To keep users continuously engaged, the tool offers interactive insights on their preferred channel. This not only helps them improve their financial situation but also improves their relationship with the brand. Some of the features of AI FinCheck include:
Leverages actionable data to deepen customer relationships
Enhances Next Best Offer (NBO) strategies
Provides contextual recommendations and actionable next steps
Makes it easy to deliver a virtual financial wellness assistant quickly and cost-effectively
Other tools in Envestnet | Yodlee’s financial wellness suite include FastLink, which allows users to link external financial accounts and see all of their financial information in one place; Save for a Goal, which helps users set, achieve, and fund their financial goals; and Cash Flow Analysis, which allows users to view historic cashflow data and see forecasted flows for each month.
Envestnet | Yodlee recently demoed its Financial Health Check at FinovateFall last year in New York. At the start of this year, the company finalized its acquisition of wealthtech solutions company FolioDynamix. Last month, Envestnet | Yodlee teamed with Quovo and Morningstar to support open data access for consumers. Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee is a public company listed on NYSE under the ticker ENV. It has a market cap of $2.52 billion.