Optimizing Financial Wellness via Peer Benchmarking


Just as Amazon suggests related items for consumers to buy or predicts the consumer might be running out of an item, so can financial service providers (FSPs) through the use of financial wellness tools. And one of the most welcome tools is peer benchmarking.

With peer benchmarking, FSPs can show consumers how their income and spending compares to others like them, both with their day-to-day finances as well as long-term budgeting and savings goals.

Get Unique Capabilities with Envestnet | Yodlee® Peer Benchmarking

By comparing their financial data to their peers with similar income and geographic locations, Peer Benchmarking through Envestnet | Yodlee® Insights Solutions can provide much-needed context and clarity for consumers and financial advisors.

For financial advisors, this continuously expanding collection of peer benchmarking data can optimize financial planning and drive specialized consumer offerings to increase engagement and wallet-share. For consumers, the comparison data can be a powerful motivator for taking actions that propel end-users forward on their financial wellness journey.

Gain Deep Insights that Inspire Action

Transaction-based peer benchmarking data enables consumers to compare their spending to others with similar income levels or geographic location. It’s easy to see how much consumer segments spend by category or merchant, and compare savings and credit card balances. You can use the data to help consumers to set goals relative to their peers and deliver more targeted advice and services.

See the Complete Picture

By comparing their financial data to their peers, peer benchmarking can provide much-needed context for consumers and financial advisors.

Comparisons are based approximately 6 billion transactions for a complete and current picture. We calculate peer benchmarking data continually to reflect new trends.

Make Meaningful Comparisons

Deep context can be gained by comparing key metrics. Peer comparisons can be easily based on:

• Income level – compare at or across income level

• Geographic location or region

• Spend by category

• Spend my merchant

• Credit card balance

• Savings balance

Advantages for Financial Institutions & FinTech Innovators

• Compare spending, credit card balances, and savings across consumer segments.

• Tailor advice to customers based on how they compare to peers with similar income and geographic locations.

• Optimize financial planning with a complete financial picture.

• Deliver services and product offerings to the right customer segments.

• Deepen consumer interest and engagement with exclusive peer comparisons.

Advantages for Consumers

• Delivers greater context and clarity by comparing financial data to peers.

• Identifies areas where action needs to be taken toward achieving financial wellness.

• Enables more strategic recommendations from financial advisors.