By Christopher Robbins
Originally published by Financial Advisor Magazine
Advisors can now build their own personal financial planning platform for clients via a big data-driven update to Envestnet | Yodlee.
Envestnet | Yodlee announced on Wednesday Insights Solutions, a new feature for its data-aggregation and analytics platform that purports to allow advisors to have “hyperpersonalized” virtual interactions with their clients.
The updates, which will be available in the third quarter of 2020, come via APIs that will allow firms to create custom experiences that engage clients proactively across financial wellness and planning channels.
“Hyper-personalization is the new baseline for success, and financial institutions and FinTechs who have a more advanced understanding of consumers and tailor their offerings accordingly will have a strategic and competitive advantage, ” said Brandon Rembe, SVP of Product at Envestnet | Yodlee, in released comments.“Through our Insights Solutions, financial service providers will have access to meaningful consumer insights faster and more affordably than by growing their own data science team.”
Insights Solutions combines actionable insights, peer benchmarking capabilities and personalized views to allow advisors to offer clients on-demand virtual financial assistance.
The new features include predictive cash-flow capabilities that culminate in forecasts and warnings; alerts based on spending, credit limits and categories, and refund monitoring; and spending insights that cover subscriptions and frequently used merchants.
In exchange for offering an upgraded digital client experience, advisors will gain access to insights about their clients and prospects. According to Envestnet | Yodlee, the value of hyperpersonalization in the financial services industry is between $200 billion and $450 billion.