Fintech Software Solution
Envestnet | Yodlee Personal Financial Management
Envestnet | Yodlee is the leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. As an early player in the fintech world, their platform has fueled innovation for financial institutions (FIs) from the start. For decades, they've helped consumers get better lending rates, lower fees, higher returns, and more.
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They are the market leader in financial data aggregation, partnering with more than 1,100 financial institutions and fintech innovators, including 15 of the top 20 U.S. banks. That's enabled a massive data network, associated with tens-of-millions of consumers, who use platform-related, personalized apps and services.
The Challenge
Consumers were showing an increasing interest in user-friendly, personal financial management (wellness) apps that help them save money or make better financial decisions.
As a leading aggregator of financial data for major U.S. financial institutions, Envestnet | Yodlee needed to understand consumers’ willingness to share their transaction data in return for better products and services.
The Solution
As an advisor and key insights partner to Envestnet | Yodlee, Preference Analytics conducted research to explore whether consumers would be concerned about providing their financial data to a third party in exchange for a free personal management tool.
Approximately 4,000 consumers were surveyed anonymously online from July to August 2016. All respondents were either the sole decision-maker or one of the key decision-makers regarding financial decisions for their household. All respondents also used online banking to connect to a financial institution to check account balances, transfer money between accounts, pay bills, etc.
The research studies the usage and attitudes of the 4,000 U.S. households, and findings revealed that:
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Over 70% of personal financial management (PFM) users and users of alternative financial services (e.g., PayPal) are comfortable sharing transaction data if it helps consumers save money.
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About two-thirds of PFM users were also comfortable with providing their transactional data to improve their financial advice and guidance.
The Results
Yodlee continued to innovate to find ways to match how consumers want to interact with their financial data and to provide tools to help consumers maximize their financial position.
Preference Analytics has been working continuously with Envestnet | Yodlee since 2016 on a variety of consulting and insight assignments, including but not limited to: consumer personal financial management and financial wellness; data sharing and data privacy issues; brand awareness measurement and tracking; customer satisfaction measurement and tools, and competitive analysis.
Additional Information
Envestnet | Yodlee Press Release – “New Research: Consumers Embrace Sharing Transaction Data to Improve Financial Outcomes” October 21, 2016
“Working with Al to fulfill all my research needs regardless of size or type has been amazing. Previously as colleagues, I knew I could rely on him to conduct, analyze, and socialize the right research study depending on the need. Now as a client, my entire dept is a fan of Al's capabilities, knowledge, and expertise.”
Mara Fazio
Senior Director of Marketing, Envestnet | Yodlee