Envestnet | Yodlee, Capital One Data Access Agreement Results in More Seamless Experience, Increased User Control, and Reliability Improvements for Banking Customers

Rhea-AI Summary

On Nov. 17, 2021, Envestnet | Yodlee and Capital One announced a data access agreement enhancing customer usability. This partnership allows Capital One customers to securely share financial data with over 1,500 third-party applications using a new API that eliminates the need for banking credentials. Envestnet | Yodlee reported a 30% increase in account linking success due to this innovation, which aims to empower consumers with better control and access to their financial information.

Positive

• 30% increase in account linking success reported by Envestnet | Yodlee.
• Enhancement of customer experience through secure data sharing.
• Direct access APIs improve consumer control over financial data.

Negative

• None.

SAN MATEO, Calif., Nov. 17, 2021 /PRNewswire/ -- Envestnet | Yodlee, a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, and Capital One Financial Corporation (NYSE:COF) today announced a data access agreement for mutual customers.      

The agreement allows Capital One customers to more reliably and effectively connect to and send their financial information to the more than 1,500 third-party applications powered by the Envestnet | Yodlee financial data aggregation platform. The data sharing agreement, powered by Capital One's Customer Transactions Application Program Interface (API), eliminates the need for customers to share their banking login ID or password and allows the use of tokens to grant and control account access.

Envestnet | Yodlee reported a 30% increase in account linking success by customers using the new API data connection, leading to an improved consumer experience.

"The root of Envestnet | Yodlee's partnership with Capital One is bringing forward a solution that gives consumers improved access to and control of their financial data," said Chad Wiechers, Senior Vice President of Data Access and Strategy, Envestnet | Yodlee. "Our relationship with Capital One is just another piece of evidence that the future of digital banking is in direct access APIs. This approach is essential for giving banking customers the power to make connected, actionable, and intelligent financial wellness decisions, while also taking advantage of even greater security and account connectivity."

"Many of our customers want to share their financial data with third-party apps and experiences. This agreement represents another step Capital One has taken to give customers more control over how and with whom the customer chooses to share their personal financial data with," stated Becky Heironimus, MVP, Head of Enterprise Privacy and Data Governance at Capital One.

About Envestnet

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is transforming the way financial advice and wellness are delivered. Our mission is to empower advisors and financial service providers with innovative technology, solutions and intelligence to make financial wellness a reality for everyone. Over 108,000 advisors and more than 6,000 companies including: 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.

For more information on Envestnet | Yodlee, please visit www.yodlee.com, subscribe to our blog, and follow us on Twitter (@Yodlee) and LinkedIn.

About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $305.9 billion in deposits and $425.4 billion in total assets as of September 30, 2021. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Capital One and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.

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SOURCE Envestnet | Yodlee

FAQ

What is the data access agreement between Capital One and Envestnet | Yodlee?

The agreement allows Capital One customers to securely share their financial data with over 1,500 third-party applications using a new API without sharing banking credentials.

How does the new API benefit Capital One customers?

The new API increases account linking success by 30%, allowing for a more reliable and seamless experience in sharing financial information.

What is the significance of the 30% increase in account linking success?

The 30% increase indicates improved consumer experience and reliability in connecting to financial applications through Envestnet | Yodlee's platform.

How does this agreement impact the financial data sharing landscape?

It enhances customer control over their financial data, emphasizing the trend towards direct access APIs in digital banking.