RBC and Envestnet Data and Analytics announce agreement to provide clients with greater control over their financial data

Rhea-AI Summary

RBC has entered a significant data access agreement with Envestnet | Yodlee, enabling over 14 million clients to connect securely with 1,500+ third-party applications. This deal enhances financial management for clients by allowing safe data sharing without compromising security. The direct API connection streamlines access to account information while providing better control over data. RBC's Chief Digital Officer emphasized the importance of client security amid rising fraud attempts, with recent statistics showing a surge in ID fraud incidents.

Positive

• Direct API integration allows over 14 million clients better and secure access to financial data.
• Clients can connect with over 1,500 third-party applications, enhancing their financial management capabilities.
• RBC's commitment to enhancing digital solutions while ensuring data security aligns with customer needs.

Negative

• None.

For the first time, more than 14 million RBC clients have direct connection to Envestnet | Yodlee's 1,500+ apps and services

TORONTO, June 14, 2022 /PRNewswire/ - RBC is pleased to announce a data access agreement with Envestnet | Yodlee, a leading data aggregation and analytics platform, to address the needs of an increasingly digital customer base. The agreement allows RBC clients to better manage their finances and build wealth by connecting to and sharing their RBC financial information with more than 1,500 third-party applications powered by the Envestnet | Yodlee platform.

RBC becomes one of the largest banks in Canada to sign a data access agreement with Envestnet | Yodlee. The implementation of this agreement will empower RBC clients with the option to share their financial data, safely and securely with Envestnet | Yodlee through a direct application program interface (API) connection. This eliminates the need for them to share their RBC credentials, improves the accuracy of the data, and significantly accelerates financial data access.

"RBC is committed to providing Canadians with industry-leading digital solutions that deliver more value, without compromising the security of their information," said Peter Tilton, Chief Digital Officer, Personal & Commercial Banking, RBC. "This agreement is a great example of that commitment in action, and how the industry can come together to build new standards that better protect Canadians' data privacy."

This move to a direct API connection significantly reduces reliance on RBC client credentials for sharing financial information in Canada, and offers clients a better method to control the release of their account information, greater reliability, and higher speeds in accessing their account information.

"Our relationship with RBC is vital for empowering their customers to make intelligent financial decisions," said Farouk Ferchichi, Group President, Envestnet Data and Analytics. "Through our agreement with RBC, we are giving their customers improved access to and control of their financial data, ultimately helping them grow, protect, and manage their wealth."

Consumers often use mobile apps and tools to consolidate financial information and to assist with budgeting and managing their money. The implementation of this data access agreement with Envestnet | Yodlee will improve that customer experience. Additionally, RBC clients can now experience improved control and access when sharing their financial data with applications outside the bank.

"Our clients want their primary banking relationship to be anchored with RBC, but they also want to be empowered to access, use and share their financial data with other applications," added Tilton. "As we deliver this added client value, it is more important than ever that we do so in a safe and secure manner. This agreement with Envestnet | Yodlee does just that. Not only do RBC clients gain secure access to the broad suite of apps and services Envestnet | Yodlee has to offer, but they also now have more confidence and control over the data that is shared."

This new, industry partnership is a demonstration of both companies' long-standing commitment to add value, prioritize security and create peace of mind for clients as they manage their finances digitally.

RBC clients also benefit from a wide range of RBC's digital security tools like PIN on Mobile, ID Verification, 2-Step Verification, Card Lock, two-way fraud alerts and fraud monitoring, in addition to the RBC Digital Banking Security Guarantee.

These tools and this additional layer of protection through the data access agreement is timely, as privacy is a high priority right now with the rise of fraud attempts during the pandemic. According to RBC's 2022 Fraud Prevention Month Poll, 48% of respondents say fraudsters have increasingly targeted them since the start of the pandemic, compared to 22% in 2021. And Canadians aren't just feeling the increase in fraud attempts—the Canadian Anti-Fraud Centre has reported that incidents of ID fraud targeting financial credentials nearly doubled between 2019 and 2020, from about 9,000 to more than 17,000, and final numbers for 2021 are expected to double again.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 89,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

About Envestnet

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is Fully Vested™ in empowering advisors and financial service providers with innovative technology, solutions, and intelligence to help make financial wellness a reality for their clients through an intelligently connected financial life. More than 106,000 advisors and over 6,500 companies—including 16 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, visit www.yodlee.com, subscribe or follow them on Twitter (@Yodlee) and LinkedIn.

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SOURCE RBC Royal Bank

FAQ

What is the significance of RBC's agreement with Envestnet | Yodlee for clients?

The agreement allows RBC clients to securely connect with over 1,500 third-party applications, improving their financial management and data control.

How does the new API connection improve data sharing for RBC clients?

The API connection eliminates the need for sharing RBC credentials, enhancing security and speeding up access to financial data.

When was the RBC and Envestnet | Yodlee agreement announced?

The agreement was announced on June 14, 2022.

What security measures are included in the RBC's data access agreement?

RBC clients benefit from enhanced security features ensuring safe sharing of their financial data with third-party applications.

How does the RBC agreement respond to recent fraud trends?

The agreement enhances data security for clients in light of increasing fraud attempts reported during the pandemic.