Envestnet | Yodlee enables Raiz to automate savings and investing
Envestnet | Yodlee, a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, has today announced its continued partnership with Raiz, Australia’s premier micro-investment platform. Envestnet | Yodlee helps enable Raiz to succeed in its mission to automate savings and investing for Australian consumers.
Envestnet | Yodlee has partnered with Raiz across every phase of its growth. The Raiz micro-investment platform has been using its technology to power several of its financial products since launching in February 2016.
One of Raiz’s core investment features, Round-Ups, which is used by more than 70% of its customers and has generated more than $300 million worth of investments, is powered by Envestnet | Yodlee’s Financial Data Aggregation Platform. With the help of Envestnet | Yodlee’s data insights, Round-Ups automatically invests the spare change from Australians’ daily purchases, enabling users to grow their investment balances effortlessly.
Raiz can also use consumer-permissioned data powered by Envestnet | Yodlee to provide users with important notifications about their spending via Raiz’s My Finances feature. Raiz then uses a chatbot to enable customers to ask questions such as “How much can I spend on movie tickets this month?”, making it easier to be financially savvy.
As interest rates remain at record lows, Australians are drawn to micro-investing. In the 12 months ending 31 March 2021, Australians invested more than $545 million in the stock market using Raiz, with Funds Under Management (FUM) in Australia growing to $694.3 million, a 14.6% increase compared with the previous period. The average investment balance of Raiz customers is now more than $2,200.
Brendan Malone, CEO Raiz Invest Australia, said, “Our ongoing partnership with Envestnet | Yodlee spans more than six years. Particularly during these difficult times, we are proud to be able to continue supporting everyday Australians in their financial journey. Thanks to this partnership, Raiz customers are able to spend and invest intelligently and responsibly to take control of their long-term finances.
“Envestnet | Yodlee has enabled us to meet our commitment to helping Australians manage their finances responsibly. Through Envestnet | Yodlee’s industry-leading data aggregation and analytics technology, Raiz is able to offer its customers cutting-edge investment and financial wellness products that can help every Australian become smarter about their finances.”
Tim Poskitt, Country Manager ANZ, Envestnet | Yodlee, said, “The way Raiz uses our technology is a true example of how we’re enabling financial institutions in Australia to put data and insights at the heart of their business and product offering. Raiz has had tremendous success due to its customer-centric ethos of putting everyday Australians first, and we’re delighted to support the company in its mission to automate savings and investing, as well as assisting Australians in becoming financially savvy”.
