Making finances simple with the Envestnet Yodlee financial data platform
The Challenge
Australians’ financial lives are more complex than ever. Many Australians have a home loan with one bank, a transaction account with another, and investments with a third, making it difficult to stay on top of it all. As Australia’s first smartbank, 86 400 was created to give Australians more control over their money, with the ability to bank entirely through their mobile phone. In order to provide customers with comprehensive, real-time banking services and a clear financial view, and be a viable alternative to Australia’s traditional banks, 86 400 needed seamless access to customers’ financial data along with Australian Prudential Regulation Authority (APRA) approval. These were major hurdles for 86 400 to overcome to deliver on the promise of mobile banking.
The Envestnet | Yodlee Solution
86 400 researched account aggregators that operated in Australia and found Envestnet | Yodlee to be an obvious candidate. They said the key reasons for this were because (1) Envestnet | Yodlee was a trusted and established provider with years of experience. (2) Not only did Envestnet | Yodlee have the greatest reach in Australia with connections to the most authorised deposit-taking institutions (ADIs), they also had a global reach, with deep insights into other markets and regulatory approaches. (3) Envestnet | Yodlee had also invested significant resources into maintaining their data security, something which was incredibly important for 86 400.
With Envestnet | Yodlee’s comprehensive coverage of financial institutions, 86 400 was able to provide greater access to a wider range of data for their customers. This enabled their customers to connect all their accounts (from over 100 financial institutions) in one place for their full financial picture. These flexible data connections also made it possible to respond quickly to format changes made by banks as well as accurately manage pending transactions.
Envestnet | Yodlee FastLink helped streamline the user experience. By integrating parts of Envestnet | Yodlee’s FastLink solution for credential capture into their platform, 86 400 created an innovative and seamless user experience that delivered the security their customers expected in regards to the collection and management of their credentials for other banks.
86 400 also leverages Envestnet | Yodlee data to supercharge their Coming Up feature, which uses algorithms to quickly detect patterns in past payments to predict future bill and subscription payments. This smart technology helps customers plan forward – without the painful and time-consuming process of moving their bills over to 86 400.
“The average Australians’ financial ecosystem can be very complex. With numerous accounts for numerous products, partnering with Envestnet | Yodlee has put control back into our customers hands. Being able to see all their accounts in one place helps them take control of their money,” Brian Parker, Chief Information Officer, 86 400.
Proof Points
Since partnering with Envestnet | Yodlee, 86 400 cleared major regulatory hurdles and received its license to operate as an ADI, passing all the necessary checks and balances required to call themselves a bank. In addition, they’ve received extremely positive customer feedback on their app, and report that they get this feedback daily through their Net Promoter Score (NPS) reviews, app store ratings, and social media. Many customers post about how easy and convenient their app is, with comments like, “I love that I can add accounts from different banks and have them all visible on the same page,” and “with bank balances all in one place, there’s no need to open and check each account individually”.
As one of their most loved features, Connected Accounts, made possible with Envestnet | Yodlee’s aggregated data, is a clear differentiator against other traditional and digital bank competitors. With Connected Accounts, 86 400 is able to deliver value to customers from the moment they sign up and connect their other bank accounts. By leveraging their transaction history across all their accounts, customers receive valuable insights into their money, giving 86 400 a clear competitive advantage in this space.
For more information on Envestnet | Yodlee products and services, please visit yodlee.com.
