Envestnet Data & Analytics Unveils New Vision at Money 20/20

Envestnet announces Platforms, Innovations and Partnerships to Serve the Technology, Banking and Wealth Industries through Data and Intelligence

BERWYN, Pa., Oct. 24, 2022 /PRNewswire/ -- At a time when people's financial lives have become increasingly more digital, data-powered, and intelligent, Envestnet Data & Analytics is announcing its plans on the industry's biggest stage – Money 20/20 USA, taking place October 23-26 in Las Vegas. By bringing together the combined capabilities from throughout its business, Envestnet Data & Analytics applies the use of data, intelligence and technology to support the millions of decisions people make about money and their financial future every single day.

"Data has the power to harmonize and connect all parts of a person's financial life so that their daily monetary decisions support their long-term goals," said Farouk Ferchichi, Group President, Envestnet Data & Analytics. "Through our ecosystem of solutions – powered by data and intelligence – we are able to help as many clients and customers as possible achieve an Intelligent Financial Life™."

Envestnet Data & Analytics holistic end to end platforms serve as the foundation for personalized and actionable data, insights and experiences across the Envestnet ecosystem, to service the Wealth, Banking and Technology industries. These platforms enable actionable intelligence and next best actions for Envestnet clients -- driving measurable results to deliver the Intelligent Financial Life for consumers, small and medium size businesses, advisors and investors.

Envestnet announces its new platforms, innovations and partnerships at Money 20/20, including:

  • Wealth Data Platform (WDP): A cloud-based data intelligence solution for wealth advisory firms that allows home offices and financial advisors to connect and enrich all the data sources across their practice and provide clients with actionable insights at scale on one holistic platform.
  • Banking Data Platform (BDP): Available for banks and financial institutions of all sizes including those who support small to medium-sized businesses (SMBs), the BDP provides an option to better support and guide customers on their financial journey along with their need to obtain high-level, holistic views of their retail banking and business' finances, through Envestnet's BDP.
  • Technology Data Platform (TDP): FinTech, personal financial management and small business lenders can obtain high-level, holistic views of their business' finances through innovations within Envestnet's TDP – including the option to better support and guide customers on their financial journey through the use of finance apps and payments.
  • Envestnet Insights Engine for Banking and Technology is a machine-learning based tool that supports the growth of client activities across the Envestnet ecosystem. As of 2Q22, Insights Engine had generated more than 17 million insights a day across 12 categories —up from 11 million at year end. Among clients who adopted the insights, there has been a 70% increase in usage of those insights.
  • SMB Portal within the BDP and TDP, which provides customers with access to their data all in one place, allows them to make important business decisions more easily and take actions based on that data. The integrated portal includes the apps that most SMBs use to run their businesses and provides greater opportunity for growth and partnership between SMBs and banks.

In addition to its platforms and solutions, Envestnet Data & Analytics announces partnerships that enhance its reach and further its goal to help provide the Intelligent Financial Life for more people – a mission accelerated through open banking, which helps facilitate more integrations across the banking and FinTech ecosystems.

  • TCS: To increase operational scale and business agility, Envestnet Data & Analytics announced a partnership with TCS earlier this month. The partnership will accelerate Envestnet's response to growth opportunities in the market, and be more dynamic in meeting clients' expectations.
  • BrightUp: A digital financial wellness company, BrightUp has implemented Envestnet's FastLink 4 to provide users with a better account linking experience. Through the integration, insights are now enabled to help users with debt consolidation, reduction and emergency loans.
  • VoPay: Fintech-as-a-Service platform allows any company to embed financial services and payment capabilities into their existing applications, products or services through a single and scalable API. The partnership with VoPay provides Canadian enterprises access to multi-channel payment rails and Open Banking capabilities enabling product managers and developers to build cutting-edge financial products.
  • Deduce: A privacy-compliant identity network reviews more than 1.5 billion daily interactions generated by more than 550 million U.S. digital identity profiles (many U.S. residents have more than one email address) captured from a growing coalition of more than 150,000 websites and apps to provide real-time identity intelligence at scale. Deduce will add a layer of fraud detection and prevention within Payments solutions to help financial institutions ensure that the user verifying the account is who they claim to be before performing subsequent (and potentially costly) transactions.
  • FinGoal: An Insights Platform that sits atop of personal finance data and enables companies to benefit from their comprehensive Data Aggregation network. Leveraging the Aggregator Switch Kit powered by the FinGoal, developers can switch to Envestnet | Yodlee data aggregation in a matter of minutes with no disruption to current users, saving time and reducing friction.

"Data connectivity forms the underpinning of these innovations, platforms and partnerships, and the foundation by which we can facilitate faster and more reliable consumer access to financial data – delivering on this serves as the guiding principle for Envestnet Data & Analytics," added Ferchichi. "To accelerate industry-wide adoption of consumer permissioned banking data through APIs or tokenized authentication, we're committed to working with all financial service providers to encourage their transition to open banking. Global open banking supports Envestnet's mission to securely connect consumers' financial data and provide the insights that enable them to lead an Intelligent Financial Life," concluded Ferchichi.

Envestnet Data & Analytics offers data, digital solutions and differentiated experiences delivered and embedded through APIs and standalone portals that empower customers – including financial advisors, small and medium-sized businesses and their end consumers, and FinTechs – to intelligently connect, grow, protect, and manage the financial wellness of their business all in one place.

Attendees can visit Envestnet Data & Analytics at booth #1221 at Money 20/20.

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 105,000 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, please visit www.envestnet.com, subscribe to our blog, and follow us on Twitter (@ENVintel) and LinkedIn.

This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.

SOURCE Envestnet