Envestnet | Yodlee and FinGoal have recently partnered to build the first-ever aggregation switch kit.
Historically, changing data aggregator providers is time-consuming, incredibly disruptive and eats up valuable engineer time. The result? Many financial institutions abandon the idea and stick with their current aggregator, despite broken connections, messy data, coverage gaps and over-priced data.
But those days are over. Because what was “mission impossible” is now, “switch in six minutes”, thanks to Envestnet® | Yodlee® and FinGoal.
Envestnet | Yodlee and FinGoal have recently partnered to build the first-ever aggregation switch kit. The kit is a translation layer API that allows any engineering team to replace their current data aggregator with Envestnet | Yodlee’s enrichment without delay. In fact, by using the Quickstart Guide, developers can make the switch and their first API call in six minutes or less. The switch to full production at scale can happen within days.
Count on seamless switching
Through advanced mapping of data schemas, this kit seamlessly replaces the previous aggregator with Envestnet | Yodlee Aggregation, Instant Account Verification (IAV), and Enrichment capabilities as desired. What’s more, workflows stay constant. Developers can expect things to continue to work the same way they always have, as the Switch Kit replicates the idiosyncrasies of the previous aggregator so nothing breaks.
This solution offers an elegant transition with little to no impact or added friction for end users. The switch won’t cause link breakages or outages for users. Instead, it is an ongoing transition. As links break with the previous aggregator connections or accounts need to be re-authenticated, the user is prompted to verify those accounts and “make the switch” to Envestnet | Yodlee.
Why switch to Envestnet | Yodlee
Envestnet | Yodlee provides financial data across retail banking, credit, and wealth management, made possible through the large scale of our data acquisition platform and extensive experience in data cleansing and enrichment. With over 17,000 global data sources we help you build a holistic financial picture of your users and maximize the scope and number of clients that you can serve.
Envestnet | Yodlee offers consistent and reliable account connections to all institutions and is in good standing with the five biggest financial institutions in the U.S., as well as 1,500+ other financial institutions.
Pay for each user, regardless of how many accounts are linked, rather than for each linked account. These cost savings enable you to provide exceptional quality experiences to your users.
Enriched transaction data
Envestnet | Yodlee Transaction Data Enrichment translates raw transaction data into clear, easy-to-read information. Consumers not only see a clear merchant name, date, and amount, they also get additional context — including a simple description of the transaction, transaction category, and geo-location.
Advantages for financial service providers (FSPs) and FinTechs
- The ability to switch data aggregators in a matter of minutes with limited development time
- Gradual transition to Yodlee aggregation with little to no impact to end users
- More efficient pricing structure as FSPs and FinTechs scale
Advantages for consumers
- Excellent transaction categorization for better personalization
- Leading coverage of the world's financial institutions
- Improved connectivity and coverage for institutions across the globe
About Envestnet | Yodlee
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. Our platform has fueled innovation for financial institutions and FinTech for over 20 years, ultimately helping consumers get lower fees, higher returns, and more. We partner with more than 1,500 financial institutions and fintech innovators, including 16 of the top 20 U.S. banks, resulting in helping tens of millions of consumers who use platform powered personalized apps and services. For more information, please visit www.yodlee.com
Banks and Credit Unions count on FinGoal data and analytics to understand their individual end-users on a human level—personal values, life events, and current motivations. FinGoal believes if credit unions understood their individual members as deeply as social networks do, one billion more people around the world would have healthy financial breathing room. FinGoal is on a mission to make that happen as the most trusted infrastructure for hyper-personalized financial services. Learn more at www.fingoal.com. This is yet another exciting partnership FinGoal has completed with Envestnet | Yodlee to support the FinTech community. Read about another case study here and click here to join our upcoming webinar for a more in-depth conversation.