Envestnet acquires Harvest Savings & Wealth Technologies

Monday 12 April 2021 14:36 CET | News

Envestnet has acquired fintech innovator Harvest Savings & Wealth Technologies, according to the official press release.

Harvest Savings & Wealth Technologies provides automated goals-based saving tools and wealth solutions to banks, credit unions, trust companies, and other financial institutions. Harvest's platform unifies a bank's retail and wealth offering, and includes capabilities such as:

  • Automated Micro-Savings: Harvest's goals-based savings technology seeks to solve a problem facing traditional banks. It enables clients to digitally engage customers looking to save more money, offering them an opportunity to save for anything and everything—from a new sweater to a dream vacation. By typing in a goal name and selecting a corresponding image, end customers can create any goal they wish.

Using algorithms, it automates customers' savings, and at the same time allows banks to hold onto their deposits. To date, the most popular goal across Harvest's platform is an emergency savings bucket.

  • Digital Account Opening: Harvest's account opening tool enables clients and end-investor customers to open accounts across savings, wealth, and trust systems. This innovation turns a process typically measured in weeks into one measured in hours.

Harvest's technology automates forms and processes, improving account success rates and compliance. This enhanced offering will be adapted and made available to users throughout Envestnet's unified financial wellness platform. Harvest's automated micro-saving technology delivers data to the bank or firm, which can then signal when it's time to move someone from a savings solution to the right wealth offering. Terms of the deal were not disclosed.

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Keywords: acquisition, fintech, online banking
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech