Looking back at the year 2022, a lot of change has happened in the open banking landscape in Australia, particularly with the evolution of the Consumer Data Right (CDR) laws which have allowed the fintech ecosystem to grow including enabling Envestnet® | Yodlee® to expand their partnerships and customer base.
In January 2022, the government commenced consultation on the expansion of the CDR to Open Finance. This meant an expansion of financial products and services by CDR to include those in the non-bank lending sectors. This would build on the success of open banking by enhancing CDR data through cross-sectoral applications and give consumers a more complete picture of their finances.
Once the CDR accreditation was announced, Envestnet | Yodlee began partnering with WeMoney, a personal finance app, as they could now access CDR and non-CDR data sources from Australia’s major financial institutions via Envestnet | Yodlee. This gave WeMoney a more comprehensive understanding of its customers’ financial well-being to create more tailored insights and solutions.
Another pivotal moment was the call to expand the functionality of CDR to make it easier and safer for consumers to open and close accounts, make payments, and apply for services through CDR.
Envestnet | Yodlee was able to reduce complexity, time and costs for their customers by developing FastLink 4.0 User Interface, which lets consumers link their financial accounts of any type and includes consent flows for CDR and non-CDR data. By leveraging FastLink, developers can avoid having to build complex UI flows and easily allow customers to link accounts from other countries.
Lumiant’s partnership with Envestnet | Yodlee in September was the first to leverage Yodlee’s CDR’s accreditation to power its Your Wealth module. Lumiant is an advice and client engagement platform, and the partnership with Envestnet | Yodlee gave Lumiant access to data from financial institutions and allowed advisors access to view their client’s financial lifecycle within its Governance and Your Wealth Modules.
Envestnet | Yodlee partnered with many other customers this year which helped fuel the fintech ecosystem across a range of areas. Envestnet | Yodlee’s partnership with Xero, an accounting software platform, helped Xero expand its online solution to financial advisors and small businesses using Envestnet | Yodlee’s Development Kit (SDK). Grapple, a Lendtech and Small Business Enterprise (SME) financier partnered with Envestnet | Yodlee to streamline its onboarding processes and provide a faster path to funding to its customers through access to data. Envestnet | Yodlee’s partnership with rental company, Mybond, to enable account verification for their customers so they could securely use the platform, was particularly significant as this was Envestnet | Yodlee’s first partnership in the proptech space.
Envestnet | Yodlee announced new platforms and solutions at Money2020 in October to support their customers on their financial journey. The three platforms developed were the wealth data platform (WDP), banking data platform (BDP), and technology data platform (TDP). In addition to developing new solutions, Envestnet | Yodlee made big moves internally by appointing data and analytics expert, Dr. John Harrison as the new role of Head of Open Banking. In his new role, Dr. Harrison will be responsible for Envestnet | Yodlee’s banking strategy across Australia and will expand its footprint and expertise across the region. Another important internal move to note, was the appointment of Helen Keppe, as Sales and Partnerships lead.
This is just a snapshot of what Envestnet | Yodlee’s year looked like, including some great customer wins, solutions developed, and moves both internally and externally to expand its expertise in the open banking landscape. The fast-paced evolution of CDR legislation this year is also an indication of the great potential of the open-banking landscape in Australia, and many more opportunities to come. Sign up for our newsletter to stay in touch.
