REDWOOD CITY, Calif., Aug. 9, 2016 /PRNewswire/ -- Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services, today announced the newest advancement to the Envestnet | Yodlee Financial Data Platform, Transaction Data Enrichment which provides consumers with greater clarity into their financial transactions. Powered by a machine learning engine, Transaction Data Enrichment augments financial transaction data by adding a simple description, merchant name, category, and transaction type in a contextualized manner based on the learnings from millions of transactions. For the first time, Envestnet | Yodlee is offering data enrichment technology through a fast and efficient Data-as-a-Service (DaaS) engagement.
Financial institutions and FinTech innovators offering personal financial management (PFM) or other financial apps are burdened with the challenge of hard to read, ambiguous transactions, which makes it difficult for consumers to recall the transaction when it shows up on their bank or credit card statement. Without clearly contextualized aggregated financial data, financial service providers are not only increasingly reliant on customer support teams to resolve inquiries, but they are also missing an opportunity to use this data to better understand and serve their customers. Envestnet | Yodlee Transaction Data Enrichment brings an entirely unique and valuable solution to the market, providing clarity and insight into financial transactions.
"Consumer transactions are the most insightful data that financial service providers can harness to learn about their customers. Accurate transaction classification is vital in understanding spending and saving habits, payment preferences, and share of wallet to personalize the customer experience. Until now, financial institutions and FinTech innovators had no way to clearly contextualize transaction data," said Lori Martel, vice president, platform product management, Envestnet | Yodlee. "With contextualized transaction data, financial service providers can offer a more customized and engaging online banking experience through web and mobile applications."
Key features of Transaction Data Enrichment include:
- Pattern recognition and advanced machine learning to provide context to a transaction, including a simple description, merchant name, category, transaction type, fixed or variable spend, frequency, and debit or credit transaction
- Highly contextualized and personalized data for cleaner, more meaningful transactions that provide greater insight into spending behavior
- Flexible delivery through Envestnet | Yodlee's fully hosted applications and application program interfaces (APIs), or new DaaS file-to-file method to enrich a large or small set of transactions from multiple disparate systems on an intraday, daily, or semi-regular basis
For more information about Envestnet | Yodlee Transaction Data Enrichment, please visit: https://www.yodlee.com/tde
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective, and fully-aligned standard of care, and empower advisors to deliver better outcomes.
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. More than 1,000 companies, including 11 of the 20 largest U.S. banks and hundreds of Internet services companies, subscribe to the Envestnet | Yodlee platform to power personalized financial apps and services for millions of consumers. Envestnet | Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and drive better outcomes for our clients and their customers.
Envestnet | Yodlee is headquartered in Redwood City, CA with global offices in London and Bangalore. For more information, visit www.yodlee.com.
SOURCE Envestnet | Yodlee