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 billion. 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.