More Data and Data Made to Do More: Open Banking’s Secret Sauce

The future of any open banking solution will ultimately be determined by the value it provides to consumers. This value is fueled by its underlying data. With the right data properly permissioned, financial institutions and FinTech innovators alike can create digital apps and services that anticipate and respond to consumer needs – just like Netflix and Amazon do today.

What makes data right for the job is a function of market coverage, which is achieved through data aggregation, and data quality, which is realized through data enrichment. As the leader in end-to-end data aggregation, Envestnet | Yodlee can do both.

Market Coverage with Unmatched Depth and Breadth

The larger the data network, the more access there is to a greater number of variables. The scale of our network contributes to the success of our data aggregation operation, as does our adherence to leading industry practices for data security, regulatory compliance, and privacy.

We currently support data aggregation from more than 17,000 data sources. Our company partners with more than 1,400 financial institutions and FinTech innovators, including 15 of the largest 20 U.S. banks and we’re constantly adding more data sources as dictated by market and business requirements. This translates to:

• 35+ million users on Envestnet | Yodlee’s data aggregation platform

• 500+ million linked accounts

• 600+ million FinTech platform users

• 800+ million financial institution platform users

Of course, we offer coverage for all account types, not just those needed for open banking mandates, permitting user segmentation benchmarking across a large and diverse user population. We understand that having a complete consumer financial picture can’t be achieved with the provision of comprehensive retail banking, credit and wealth transaction data.

Data Made to Do More

Most financial institutions have plenty of customer transaction data. The issue? Financial institutions can’t standardize it since its raw transaction data. Enriched data, by contrast, extracts important attributes from unstructured descriptions to lend clarity to transactions, such as identifying merchants and sorting transactions into categories. All so that your data can work for you and your customers.

As the leader in end-to-end data aggregation, we not only seamlessly collect and acquire financial data, but also clean and enrich it. This, in turn, enables us to package it with machine learning and artificial intelligence (AI) to provide the most accurate classifications and clear, concise easy-to-use transaction data standardized across any data source.

Turning the confusing array of half-words, numbers and symbols into meaningful transactions has powerful effects. It engages customers. It empowers sales teams. And real-time, predictive and actionable insights can be leveraged from this categorized and contextualized data to deliver personalized financial advice to improve customer satisfaction and loyalty.

Making the Most of It

Intelligent data and quality coverage are the foundation for personalized financial experiences. As the leader in end-to-end data aggregation, Envestnet | Yodlee makes these experiences possible by extracting valuable insights at scale because of our data acquisition capabilities, extensive data clearing and enrichments and massive data network. With Envestnet | Yodlee, you can obtain the best quality data available – and use it to its fullest potential.