Envestnet Data and Analytics continues to expand its open banking ecosystem, with nearly 19 million open banking connected financial accounts
BERWYN, Pa., April 19, 2023 /PRNewswire/ -- As interest and adoption of open banking continues to expand, Envestnet Data and Analytics, a leading data aggregation and analytics platform for financial services, is at the forefront of the ever-evolving open banking ecosystem to support consumers' long-term financial goals. Envestnet global open banking account connections now number in the millions, with total connections growing by 1,300% from 2021 to 2022.
Forrester recently named Envestnet as a Leader in "The Forrester Wave™: Open Banking Intermediaries, Q1 2023" report, which analyzed and scored 13 of the most significant open banking intermediary providers and assessed how each measured up across 24 evaluation criteria to help banking and financial services providers choose the best provider for their needs. Envestnet has been recognized by Forrester as an open finance player with market-leading depth in data aggregation.
"Envestnet Data and Analytics envisions a future where every facet of an end user's finances are at their fingertips and working together, with a seamless flow between the items they spend money on now and the investments they make for later – delivering what we call The Intelligent Financial Life™," said Farouk Ferchichi, Group President, Envestnet Data and Analytics. "In this future state, the financial services industry innovates together via an open platform, allowing more financial service providers to reach more end users with greater impact."
Envestnet Data and Analytics applies the use of data, intelligence and technology to support the millions of decisions people make about money and their financial future every day. Envestnet Data and Analytics' holistic end-to-end platforms serve as the foundation for personalized and actionable data, insights and experiences across the Envestnet ecosystem, to service the Wealth, Banking and Technology industries. These platforms enable actionable intelligence and next best actions for Envestnet end users -- driving measurable results to deliver the Intelligent Financial Life to small and medium size businesses, advisors and investors.
Envestnet maintains a strong commitment to open banking adoption among its clients globally, highlights include:
- Fully transitioning six of the top 25 U.S. Banks from credential-based screen scraping to open banking, with several others in progress.
- In the United States, 99% (by volume) of Envestnet's data recipient clients are live on open banking with one or more data providers.
- In Australia and the UK, Envestnet is onboarding new clients under the CDR Representative model and agency model, respectively.
- In India, Envestnet is a licensed account aggregator.
"We view open banking and open finance as key enablers of access to financial wellness solutions and will continue to work with policy groups – through actions like our letter to the CFPB – to drive and
establish open banking regulation globally," said Lisa Novier, Head of Governance, Risk & Compliance, Envestnet Data and Analytics. "We will continue to expand our open banking coverage through provider data agreements and partnerships, including expansion to additional geographies."
To download The Forrester Wave™: Open Banking Intermediaries, Q1 2023 Report, click here. For more information about Envestnet's open banking efforts and Envestnet Data and Analytics, visit our site at: https://www.envestnet.com/data-and-analytics
Envestnet is a sponsor of this year's FDX Global Summit, "Navigating the Evolving Open Finance Ecosystem," taking place in Raleigh, NC April 18-20. For more information, visit this site.
About Envestnet
Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions and intelligence. By establishing the connections between people's daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life™. With $5T in platform assets – approximately 106,000 advisors, 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies, depend on Envestnet technology and services to help drive better outcomes for their businesses and for their clients.
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). For more information, please visit www.envestnet.com, and follow us on LinkedIn and Twitter (@ENVintel).
SOURCE Envestnet
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