Envestnet | Yodlee Delivers Hyper-Personalization to the Financial Services Industry

Rhea-AI Summary

Envestnet | Yodlee (NYSE: ENV) announced its new Insights Solutions, aimed at enhancing hyper-personalization in financial services. These solutions, launching in Q3 2020, provide APIs that enable financial institutions to deliver personalized customer experiences through actionable insights and predictive capabilities. The financial services industry stands to gain between $200 billion and $450 billion from hyper-personalization. The offerings include cash flow predictions, spending alerts, and insights into financial wellness to help consumers make informed financial decisions.

Positive

• Introduction of Insights Solutions enabling hyper-personalized digital experiences.
• Potential market value of hyper-personalization estimated at $200-$450 billion.
• New APIs provide predictive cash flow capabilities and various financial insights.

Negative

• None.

REDWOOD CITY, Calif., Aug. 5, 2020 /PRNewswire/ -- Envestnet | Yodlee, (NYSE: ENV), a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, today announced its Insights Solutions, designed to help financial institutions and FinTechs grow their market share by enabling hyper-personalized digital financial experiences and providing the data needed for customer segmentation.

Envestnet | Yodlee's new APIs enable financial service providers to develop experiences that engage customers proactively across their financial wellness and financial planning channels. The combination of actionable insights, unique peer benchmarking capabilities and personalized views allow digital financial experiences to provide timely and impactful virtual financial assistance. These new solutions also empower financial service providers to unlock the value of data to support more informed decision making, accurate customer segmentation and actionable guidance for their customers. 

"Hyper-personalization is the new baseline for success, and financial institutions and FinTechs who have a more advanced understanding of consumers and tailor their offerings accordingly will have a strategic and competitive advantage, " said Brandon Rembe, SVP of Product at Envestnet | Yodlee."Through our Insights Solutions, financial service providers will have access to meaningful consumer insights faster and more affordably than by growing their own data science team."

A more granular understanding of consumers is no longer a 'nice-to-have' item, but a business imperative for financial institutions and FinTechs. The value of hyper-personalization within the financial services industry is estimated at between $200 billion and $450 billion¹. Through machine learning techniques and algorithms, financial service providers can give consumers a 360-degree, personalized view of their finances to help them make better decisions at all stages of life such as saving for retirement, starting an emergency fund or managing monthly expenses.

Envestnet | Yodlee's Insights Solutions offer a range of financial wellness insights helping consumers leverage actionable guidance, such as:

• Predictive cash flow capabilities, including projected warnings and forecasts
• Alerts based on spending, categories, credit limits and refund monitoring
• Spending insights that cover subscriptions and frequently-used merchants

"Personalization in financial services marks a critical frontier for the industry, and broader application of personalized services across sectors is accelerating consumer demand. These types of solutions signify an important leap forward by supplying financial service providers with the tools they need to provide high-quality, personalized customer experiences that can make a meaningful impact on their financial future," said Tiffani Montez, Senior Analyst at Aite Group.

The Envestnet | Yodlee Insights Solutions will be available in the third quarter of 2020.

About Envestnet

Envestnet, Inc. (NYSE: ENV) 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 103,000 advisors across more than 4,900 companies including 16 of the 20 largest U.S. banks, 46 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies, leverage the Envestnet platform to grow their businesses and client relationships.

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

¹ https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/a-technology-blueprint-for-personalization-at-scale#

 

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SOURCE Envestnet | Yodlee

FAQ

What are Envestnet's new Insights Solutions?

Envestnet's Insights Solutions are designed to enhance hyper-personalization in financial services by providing financial institutions with APIs for actionable insights and predictive customer engagement.

When will the Insights Solutions from Envestnet be available?

The Insights Solutions are set to be available in the third quarter of 2020.

How much value can hyper-personalization bring to the financial services industry?

Hyper-personalization is estimated to bring between $200 billion and $450 billion to the financial services industry.

What kind of insights do the new APIs provide?

The new APIs offer insights such as predictive cash flow capabilities, spending alerts, and detailed spending insights for better financial decision-making.

What competitive advantage do the Insights Solutions offer?

The Insights Solutions provide a strategic advantage to financial institutions by enabling a better understanding of consumer needs and improving customer segmentation.