Following this announcement, Centrix is set to switch on live bank data feeds, which will be powered by Envestnet|Yodlee, as a preparation for Open Banking. The company will be enabled to access transaction data directly from the borrower’s bank account, as debt servicing and affordability checks will be based on the actual income and expenditure of the customer, rather than having to rely on self-reported estimates.
Clients and partners will also be allowed to benefit from a large range of income and verification solutions, data, and analytics that can be used to support new customer segments, as well as future-proofed lending that is set to provide Open Banking in the region of New Zealand.
The partnership will also focus on providing New Zealand’s lenders with the possibility to remain compliant with the improved customer protections that were legislated by the Credit Contracts and Consumer Finance Act, which requires lenders to determine the overall affordability and suitability of a loan.
US-based company Envestnet|Yodlee focuses on establishing connections between people’s financial decisions and their long-term financial goals, as well as enabling individuals and customers to optimise their decision-making processes and their overall financial balance. The company had multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world.
In October 2023, Envestnet|Yodlee announced its decision to introduce SpendSignals, an AI-powered service that provides access to real-time consumer spending trends and insights on all shopper purchasing patterns at competitors. Following this new introduction, market research professionals and corporate strategies were enabled to do their no-code analysis. According to the press release published at the time, they were also given the possibility to make use of optimised, de-identified data spanning sales, market share, client retention, user lifetime value, and more.
By using Yodlee’s comprehensive data sets, direct-to-customer brands and merchants were allowed to gain deeper and more detailed insights into their competitive strengths. In addition, they were able to pinpoint market opportunities, and spending trends, improve customer lifetime value, diagnose business challenges, and anticipate client spending trends, alongside other benefits.
Earlier in September 2023, US-based Akoya announced its collaboration with Envestnet|Yodlee in order to deliver an API-driven experience to clients and users. Throughout this strategic deal, the companies aimed to accelerate and optimise the manner in which clients manage their finances by providing them increased choice, control, and security in the process of sharing data from their financial applications.
Akoya focused on offering users more visibility on where and how the data is being used. At the same time, the agreement supported the firm’s commitment to make data sharing more open and accessible for all clients. Envestnet|Yodlee also planned to make Akoya’s network connection available to its customers and users by the end of 2023.
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