FinTech API Platform 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.
Revolutionising an Industry
The Power of FinTech
Investor confidence is strong in the FinTech sector, with UK FinTechs raising $5 billion in the first half of 2021.1 This influx of funding is, in large part, due to the rise of open banking, which empowers customers and forces established banks to be transparent with their data. It’s the practice of sharing financial data electronically, securely, and exclusively under conditions approved by customers. Open banking APIs give third-parties access to financial data quickly and efficiently. This opens the floodgates for FinTech startups who can disrupt the Open Banking industry more swiftly than a large, established institution.
There’s a worrisome trend of people who don’t have a good grip on their finances, and there are huge barriers for them in regard to improving their credit scores, capital lending, and more. According to the Organisation for Economic Co-operation and Development, 11.5m people in the UK have less than £100 in savings to fall back on, and 9m people say they don’t know enough to plan for their retirement.
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 customers 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.
Where Envestnet | Yodlee Leads FinTech Development
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, 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 the financial industry decisions smarter and quicker. These capabilities come to life through through tools like our revolutionary virtual financial assistant, Envestnet | Yodlee enables AI In banking with 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.
The UK’s Competition & Markets Authority (CMA) open banking directive empowers consumers to securely share and transition their banking account data to third parties of their choice. Open finance is an extension of open banking, allowing consumers to share access to pensions, investments, savings accounts, and other data as well. As an experienced leader in financial data and wellbeing, Envestnet | Yodlee can help you leverage these growing open banking and open finance opportunities. .
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.
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 standardise access so consumers can safely exercise their choices.
As open banking and open finance continue 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 offer solutions to help financial services providers with data management, data reliability, and, of course, data enrichment that allow FSPs to provide rich, actionable insights. 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.