Envestnet | Yodlee unlocks Consumer Data Right to power Lumiant’s global expansion
Envestnet | Yodlee, a leading data aggregation and analytics platform for financial services within Envestnet’s Data & Analytics business, today announced that Lumiant, an advice and client engagement platform, will become the first company to leverage Envestnet | Yodlee’s Consumer Data Right (CDR) accreditation under the CDR representative model to power its evolved Your Wealth module.
The partnership enables Lumiant to reap the benefits of open banking by accessing real-time data from financial institutions. The open banking connections provided by Envestnet | Yodlee allow advisors to access a comprehensive view of their clients’ total financial lifecycle within its Governance and Your Wealth modules.
“When it comes to advice, many financial professionals are hamstrung in delivering an excellent client experience because so much still revolves around pen, paper, and manual data capture,” said Santiago Burridge, Lumiant’s Co-Founder and Global CEO.
“Not only is the experience tedious, but it is way behind the digital experiences we have come to expect from all areas of our lives. We’re stuck in the stone ages and it’s time we took advantage of technology to enhance the client experience.”
The new integration powers Lumiant’s financial data collection and aggregation, allowing clients and their financial professionals to see the overall net worth of a household in one place. Advisors can now better define specific financial goals for their clients and use that data to power its Best Life projections.
Additionally, rather than clients having to provide their financial details and balances using manual data entry forms, financial professionals can now collect this information directly from their client’s financial institutions, reducing the time spent meeting Know Your Customer requirements. Clients simply connect their financial institutions to their financial plan and seamlessly share their information with their advisor.
Over the past few years, Australian fintechs have experienced global growth, and the success of Lumiant’s platform now has Burridge making waves in new markets outside of Australia.
“We recently launched Lumiant in the U.S. and are exploring options to expand into the UK and South Africa,” added Burridge. “Both markets have comprehensive open banking regimes, so it’s important to establish strategic partnerships with other global brands that have expertise in this space. Our partnership with Envestnet | Yodlee does just that.”
“Our work with Lumiant demonstrates the benefits that the latest CDR accreditation model provides for fintechs, and importantly, Australian consumers,” said Tim Poskitt (pictured), ANZ Country Manager at Envestnet | Yodlee. “This is what we’re all about. At Envestnet | Yodlee, we are able to provide comprehensive CDR and non-CDR data, meaning that Australian financial organisations such as Lumiant can continue to innovate and improve the lives of Australians.”
Poskitt continued, “With our global footprint we’re able to offer financial institutions of all sizes the broadest data coverage available in the market, with more than 30 million users worldwide. We’re excited to see what’s next for Lumiant and where we can further support them into the future.”
The six new accreditation models will reduce barriers to participation by enabling organisations like Lumiant to securely access CDR data via accredited providers, such as Envestnet | Yodlee, without needing to become accredited data recipients themselves.
Your Wealth, powered by Envestnet | Yodlee, is available on Lumiant’s Professional subscription plans in Australia, New Zealand and the U.S.
