SAN MATEO, Calif., Nov. 17, 2021 /PRNewswire/ -- Envestnet | Yodlee, a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, and Capital One Financial Corporation (NYSE:COF) today announced a data access agreement for mutual customers.
The agreement allows Capital One customers to more reliably and effectively connect to and send their financial information to the more than 1,500 third-party applications powered by the Envestnet | Yodlee financial data aggregation platform. The data sharing agreement, powered by Capital One's Customer Transactions Application Program Interface (API), eliminates the need for customers to share their banking login ID or password and allows the use of tokens to grant and control account access.
Envestnet | Yodlee reported a 30% increase in account linking success by customers using the new API data connection, leading to an improved consumer experience.
"The root of Envestnet | Yodlee's partnership with Capital One is bringing forward a solution that gives consumers improved access to and control of their financial data," said Chad Wiechers, Senior Vice President of Data Access and Strategy, Envestnet | Yodlee. "Our relationship with Capital One is just another piece of evidence that the future of digital banking is in direct access APIs. This approach is essential for giving banking customers the power to make connected, actionable, and intelligent financial wellness decisions, while also taking advantage of even greater security and account connectivity."
"Many of our customers want to share their financial data with third-party apps and experiences. This agreement represents another step Capital One has taken to give customers more control over how and with whom the customer chooses to share their personal financial data with," stated Becky Heironimus, MVP, Head of Enterprise Privacy and Data Governance at Capital One.
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions and intelligence to make financial wellness a reality for everyone. Over 108,000 advisors and more than 6,000 companies including: 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $305.9 billion in deposits and $425.4 billion in total assets as of September 30, 2021. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
Capital One and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.
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