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Traditionally, loan applicants gather and forward financial data to financial institutions, who then put the data into a digital format. However, with Yodlee Risk Insight solution and Envestnet | Yodlee FastLink technology, users can quickly and easily incorporate all their accounts held at various financial institutions. Instant access to financial data confirms the ownership of accounts and verifies account balances in seconds.

Many financial institutions are looking to the technologies and data sources developed by the nonregulated firms. Through partnership and vendor agreements, financial institutions can gain the ability to gather and analyze more information, which can result in better informed loan decisions. They can also benefit from the technology that provides a more streamlined process to deliver a more positive outcome that potential borrowers seek.