Ocrolus partners with Envestnet|Yodlee

According to Ocrolus’ officials, even if the financial industry underwent significant digital transformation, documents remain a critical source of data. By joining forces with Envestnet|Yodlee, the company intends to provide a more comprehensive and efficient customer experience across a variety of financial services use cases. Through its AI-enabled document automation technology, Ocrolus supports over 1,000 document types with over 99% accuracy, no matter the format or quality. By being able to capture and analyse data from both documents and digital connections, Envestnet|Yodlee assists users and offers them a more convenient and efficient decision-making process.

Furthermore, representatives from Envestnet|Yodlee underlined that the partnership with Ocrolus allows the company to broaden its capabilities and deliver on its commitment to support bank and tech customers to achieve financial wellness, through accessing the tools they need from financial institutions, enterprise technology companies, wealth management financial advisor relationships, and credit lending providers. With additional document automation capabilities, Envestnet|Yodlee is set to enhance and simplify the onboarding process for credit and lending use cases. Ocrolu’s experience in processing documents adds new statement upload capabilities to Envestnet|Yodlee’s platform, including connections from over 17,000 global sources, enabling enhancements and additional insights for financial service providers.

As a participant in Open Banking, data aggregation, analytics, and alternative data, Envestnet|Yodlee delivers data from over 17,000 data sources. The company’s products and services enable actionable insights across personal financial management tools, credit and lending workflows, fraud detection and identity verification, and small and medium-sized business tools that support institutions and customers to achieve better financial outcomes. Currently, more than 1,300 financial services and fintech companies globally, rely on Envestnet|Yodlee’s global network which assists its proprietary data science-enabled tools to enable financial services.

In addition to its collaboration with Ocrolus, Envestnet|Yodlee partnered with Centrix in November 2023 to provide the latter with live bank data feeds in readiness for Open Banking. Centrix was set to switch on live bank data feeds, enabled by Envestnet|Yodlee, as a preparation for Open Banking. The company intended to access transaction data directly from the borrower’s bank account, such as debt servicing and affordability checks based on the actual income and expenditure of the customer, rather than relying on self-reported estimates.

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