REDWOOD CITY, Calif., Oct. 21, 2016 /PRNewswire/ -- Envestnet | Yodlee (NYSE: ENV), a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, today released findings from a new quantitative research study showing that consumers have become comfortable securely sharing transaction data when doing so translates into cost savings or better financial advice.
The research studied the usage and attitudes of almost 4,000 consumers in the United States. Statistically significant findings reveal that over 70% of personal financial management (PFM) users and alternative financial services (AFS) users are comfortable sharing transaction data if it helps consumers save money. This research also reveals that almost two thirds of PFM users were also comfortable with providing their transactional data if used to improve their financial advice and guidance.
"Consumers are very interested in exploring digital solutions that can maximize their financial outcomes and are increasingly knowledgeable and comfortable with sharing their transaction information in a secure manner in the pursuit of that," said Anil Arora, Chief Executive of Envestnet | Yodlee and Vice Chairman of Envestnet Board. "As an industry, it's vital we keep innovating to match the ways consumers want to interact with their financial data, and strive to give them the tools to help maximize their financial position."
Financial services consumers are increasingly expecting their financial applications to more closely replicate the user friendly experiences found in their day-to-day lives like rideshare applications, online shopping and search functionality. People are beginning to understand the role data can play in improving services and offerings, and ultimately benefiting their personal financial outcomes.
About the Research
Envestnet | Yodlee anonymously studied almost 4,000 consumers via online research between 26th July - 22nd August 2016. All respondents were either the sole decision maker or one of the key decision makers regarding major financial decisions for their household. All respondents also indicated they use online banking (use of the Internet via computer, mobile phone, or tablet) to connect to a financial institution to check account balances, transfer money between accounts, pay bills, etc.
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to financial enterprises and advisors. Our solutions unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet enables the transformation of wealth management into a transparent, independent, objective, and fiduciary standard of care, and empowers enterprises and advisors to more fully understand their clients and deliver better outcomes.
Envestnet's Advisor Suite enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group. Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, personalized financial apps and services for millions of consumers. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software for advisors.
More than 2,000 companies, including 16 of the 20 largest U.S. banks, 38 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.
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SOURCE Envestnet | Yodlee