Moneythor & Envestnet | Yodlee partner to leverage Open Banking for personalisation in Digital Banking
Moneythor, a leading provider of personalised customer experiences for banks and FinTech firms, and Envestnet | Yodlee, a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, have today announced a partnership that will enable financial institutions across Australia and New Zealand to provide engaging, contextual and actionable customer experiences.
The partnership will now enable Moneythor to offer their fully white-labelled and scalable solution with integrated Envestnet | Yodlee financial data aggregation. The solution will provide access to consumer-permissioned financial data from over 100 financial institutions across Australia and New Zealand to give consumers a holistic and dynamic view of their financial situation.
The Moneythor solution uses data analytics and behavioural science techniques to improve functionality and experience for banking customers across digital channels to provide actionable financial guidance. It utilises data sources from multiple banks and financial institutions, facilitated in part by Envestnet | Yodlee’s Financial Data Aggregation Platform, to deliver highly personalised and engaging content. Use cases include notifications which assist customers with personal financial management (PFM), financial literacy & advisory, targeted offers and more. By combining this with Envestnet | Yodlee’s advanced data aggregation solution, financial services providers can turn data into more meaningful digital experiences for their customers.
The combined solution is already used by companies including Raiz, the leading micro-investing platform in Australia, to provide customers with financial wellness tools driven by aggregated account and transaction data.
Moneythor has a global portfolio of clients including traditional banks such as ANZ, BNZ, CIMB, DBS and Standard Chartered Bank among others, as well as digital banks and FinTechs. It has a proven track record of implementing data-driven personalisation across multiple regions.
Envestnet | Yodlee is the market leader in financial data aggregation, enabling innovation and insights for financial service providers. It has partnered with more than 1,400 financial institutions and FinTech innovators, which enables firms to build innovative financial solutions with access to an industry-leading application programming interface (API). Envestnet | Yodlee is an Accredited Data Recipient and Intermediary under the Consumer Data Right.
Commenting on the partnership, Olivier Berthier, CEO and Co-Founder of Moneythor, notes, “The combination of Envestnet | Yodlee’s experience in comprehensively and securely aggregating data and Moneythor’s ability to enable personalised digital banking experiences results in financial firms of all sizes deploying differentiated features to their customers within a short time-frame. The demand for these types of solutions is continuously growing, and we are delighted to add Envestnet | Yodlee to our list of partners and to bring these solutions to life across Australia and New Zealand.”
“Enabling financial institutions to utilise Envestnet | Yodlee’s rich financial data, combined with Moneythor’s customer experience solutions, means they can communicate with their customers in new, engaging and purposeful ways,” said Timothy Poskitt, Country Manager ANZ at Envestnet | Yodlee. “By truly understanding customers through data insights, and utilising technology to engage with them effectively, finance service providers can significantly improve the experience they offer and generate revenue by providing consumers with the information and personalized guidance they need to improve their financial health.”