For many financial institutions, accessing a user's financial data is usually limited to the last 90 days of their credit history and financial transactions. Companies that use apps to analyze customers' data often can't make informed decisions with only three months of information. Loan processors can't make informed decisions and tax professionals struggle to access a year's worth of financial information. But thanks to our 365 Days of Data initiative, Yodlee® is able to help you access customers' data for the previous 12 months from their application. This lets you make better decisions, such as a loan risk analysis or tax return, because you can access 52 weeks of data. First, there are a number of applications that can use this technology, which improves its usefulness and functionality. For example, a tax filing app needs to look at a user's entire financial history for the year. 365 Days of Data gives your customers a better view of the user or consumer. They can go back into the past to understand patterns of how, for example, a customer has done with grocery and utility spending, or their history of medical spending. The more data you have, the more history you have, and the better your analysis can be. If you’re a lending institution, having more historical data can have two benefits: It could turn around a potential loan application that was going to be denied. If someone looks bad over the past 90 days, but looks better over a longer period of time, perhaps the loan can be given. That drives up revenue Also, if a potential borrower looks good within 90 days but over the past year they have several problems, then it may not be a good idea to grant that person a loan. That decreases risk and saves on loan losses and collection issues. Bottom line – your ability to see more history means you can make better decisions. We expect this new ability to be available to Yodlee FinApp® developers in June 2015, and they can begin offering it to their users almost immediately. Are you building a financial app that requires consumer transaction data for decision-making? If you would like to learn more about Yodlee’s Aggregation API with 365 Days of Data, contact us for more information.
