What happens when Envestnet® | Yodlee®, an innovator in consumer-permissioned financial data aggregation, and proponent of open banking, partners with financial institutions and policy makers worldwide to expand consumer financial data access? Envestnet | Yodlee’s open banking connections undergo dramatic growth.
Envestnet | Yodlee global open banking account connections now number in the millions, experiencing a 60%+ average monthly growth rate over the most recent six months. All of this within the open banking system which reached nearly 25 million global consumers in 2020 alone, according to Statista.
Enrico Camerinelli, Strategic Advisor at Aite-Novarica Group explains Envestnet | Yodlee’s recent increase this way, “Open access to financial data is continuing to transform the way consumers and businesses interact with and access their financial information, all with an eye toward helping them with financial wellness,” he said. “Envestnet | Yodlee is a strong example of the collaboration taking place both within the financial services industry and in the regulatory community to give consumers and business practitioners the access and information they need to make informed and lasting financial decisions.”
Highlights of Envestnet | Yodlee’s Open Banking Growth
Envestnet | Yodlee has rapidly expanded open banking globally behind millions of data connections and accreditation in key international markets, including:
- In North America, Envestnet | Yodlee signed 20 data access agreements, with institutions such as Capital One, Wells Fargo Bank, and TD Bank, reaching millions of potential consumers.
- In Australia, Envestnet | Yodlee powers some of the region’s leading FinTechs and financial institutions including Finder and 86 400, and received active status as an Accredited Data Recipient and Intermediary under Australia’s Consumer Data Right (CDR).
- In the UK, Envestnet | Yodlee is an Account Information Service Provider (AISP), authorized to retrieve payment account data provided by banks and other financial institutions. Working with a range of well-established FinTech companies as well, Envestnet | Yodlee has also recently partnered with Blockchain.com for account verification via open banking connections, reaching its current 37 million verified users
- In India, an Account Aggregator (AA) system was introduced that aggregates all financial data of users in a single place and offers credit services based on that data. Envestnet | Yodlee has received in-principle approval as an operator under this new regime to further support customers in the country.
- Across the globe, Envestnet | Yodlee works with many industry leading groups such as FDATA and FDX to support open banking connections. Additionally, the company is in discussions with the regulators and leading banks in South Africa on the future of South African open banking and establishing its first connection in the country.
As open banking continues to evolve, Envestnet | Yodlee will continue to work with policy groups to drive regulation beyond just traditional banking data to include investment data. Leveraging these systems towards broader consumer data security can ensure all parts of the financial industry are held to a secure standard. Additionally, establishing connections in other countries will ensure more secure access worldwide.