Australian FinTech from Envestnet | Yodlee
Technology has forever changed finance across all use cases: wealth management, credit, banking, and companies coming into the industry. So, what is FinTech? FinTech helps consumers and business owners live better, healthier financial lives through cutting-edge technology and tools. It doesn’t discriminate against any device or browser. FinTech is accessible and changing quickly.
Founded with a vision of bringing disparate data together to make personal financial management accessible, easy, and actionable, Yodlee is an original FinTech innovator with tremendous growth in the space since 2012—making us the best partner for businesses looking to innovate in the financial services industry because we’ve seen it all.
Revolutionising an Industry
The Power of FinTech
Between 2015 and 2021, Australian FinTech grew from a A$250 million industry to a $4 billion industry.1 The environment is ideal for FinTechs, with a sophisticated consumer market and government regulations that allow financial data to be securely shared with third parties through Banking APIs. The door is open for FinTech startups that can disrupt the industry more swiftly than large, established institutions.
Consumers need the cutting edge financial solutions FinTechs can provide, as there’s a worrisome trend of people who don’t have a good grip on their finances, and huge barriers in regards to improving their credit scores, capital lending, and more. At its core, FinTech fights back against this trend. It gives everyone the ability to improve their financial state, because good FinTech is focused on consumers and their financial wellbeing. Envestnet | Yodlee solutions meet them where they are, with the tools they need.
Our technological innovations, and those of our partners, provide better experiences for customers in developed countries, while giving developing countries access to tools from more modern banking systems that were previously out of reach. FinTech means financial empowerment, and, in turn, customer loyalty for the companies and financial service providers (FSPs) that do it well.
Thanks to data aggregation, FinTech startups can provide superior tools and customer experiences. Delivering financial data from more than 17,000 global financial sources, the single unified Envestnet | Yodlee Platform API enables personalised and powerful aggregation solutions. By leveraging our solutions, financial services providers (FSPs) are able to give customers access to industry-leading financial tools. Customers can get a holistic view of their assets and link accounts from various institutions while financial institutions can use the information to provide better financial advice in real time, evaluate lending opportunities, and more.
The future of the FinTech industry is in artificial intelligence (AI). Artificial intelligence is transforming the way customers and banks interact. AI has the capability to identify how customers are going to react to various situations and problems, making financial industry decisions smarter and quicker. These capabilities come to life through our revolutionary financial assistant, Envestnet | Yodlee AI FinCheck, which dynamically measures and monitors consumers’ financial health to deliver personalised insights and recommendations alongside financial coaching. And, of course, our AI solutions continue to evolve, so our partners are always on the cutting edge.
Open banking is all about the open exchange of financial data between consumers, their primary financial institution, and third party FinTechs and organisations that use data to provide personalised products and services.Under Australia’s Consumer Data Right (CDR) Open Banking scheme, consumers can opt in to securely share their data with organisations accredited by the Australian Competition and Consumer Commission (ACCC). As an Accredited and Active Data Recipient and Intermediary under the CDR, Envestnet | Yodlee fully equipped and authorised to support your innovative FinTech solutions with direct connections to CDR data.
What Can Our FinTech Banking Platform Do for Developers?
Developers need financial data and transaction data to power their solutions. Having worked with developers for decades, we know they need intelligence around fraud detection, account verification, and a slew of other data points.
Our services accelerate growth with sample code, informative images and videos, language support, and developer tools. Plus, we have the compliance and regulatory knowledge to make sure everything is up to par.
Tools for FSPs
What Can FinTech Do for Financial Services Providers?
FinTech doesn’t have to mean starting from scratch. It can complement an existing experience like improving an online portal or mobile experience for a bank. FinTech can give customers the ability to understand their net worth and improve their financial health.
Envestnet | Yodlee tools give FSPs the ability to look at assets outside of their organisation—a crucial capability for financial planners who need to see a complete picture to provide the best advice. In the realms of credit and lending, FSPs may want to see nontraditional assets or measure customers in nontraditional ways; data and intelligence from our suite of solutions can make that possible.
Financial Technology on a Global Scale with Open Banking
As a market leader, Envestnet | Yodlee is the only truly global data aggregation service with physical offices around the globe. We are at the forefront of influencing open banking on a global basis in the UK, Australia, New Zealand, Canada, Hong Kong, India, and elsewhere.
Open banking is, at its heart, about consumer financial data and the customer’s ability to access it, share it, and protect it. It’s a major topic of discussion in global banking circles as more non-bank financial services providers pop up, and as more firms try to gain insights into people’s financial lives and regulations. in places like Europe, digital open banking is reshaping how companies are handling data.
At Envestnet | Yodlee, we actively embrace the right of consumers to access their financial data and share it with the service providers of their choice. Open Banking regulations will standardise access so consumers can safely exercise their choices.
As open banking continues to evolve, the Envestnet | Yodlee Platform API will help you meet and exceed current open banking challenges when it comes to the management, reliability, and enrichment of data so you can deliver the best overall customer experience. We don’t just provide data. We clean it up and make it clear, leveraging sophisticated machine learning so that it’s standardised and ready for use in whichever FinTech tool you’re crafting.