The time is right for community banks to accelerate their adoption of open banking. In July 2021, the Biden administration signed an Executive Order giving the green light to open banking regulation in the U.S. At the same time, many bigger institutions are shrinking their branch networks, making community banks more visible and potentially more viable in many communities.
By embracing open banking, community banks and credit unions can evolve quickly to ensure their competitiveness and longevity in today’s digital landscape. At Envestnet® | Yodlee®, we think these institutions could reap the most reward as the increased ability to use consumer-permissioned data in innovative ways is paired with their customer-friendly mindset. It is a strong formula not just for growing relationships with current customers, but also attracting new clients.
Which is all the more reason to move quickly by partnering with a FinTech ecosystem with a proven open banking track record. Envestnet | Yodlee is uniquely equipped to be your partner.
Why Partner with Envestnet | Yodlee
As one of the original FinTech companies in the U.S. and leading independent data aggregators, Envestnet | Yodlee is at the forefront of open banking efforts as they’ve developed around the world. We know what it takes to succeed and we’re a trusted expert in the industry. With robust security, our platform allows our customers to deliver the digital experiences consumers need to achieve their financial wellness goals. You can count on:
1. Security and privacy
We support OAuth in open banking-compliant workflows and adhere to leading industry practices for data security, regulatory compliance, and privacy . We control data by storing and managing it in logically segregated instances.
2. Reliable and responsible data access
Our strong relationships with industry-leading financial institutions enable reliable connections and consistent access to high-quality financial data at high refresh rates. We offer data normalization and standardization options so it’s ready to be put to good use.
3. A seamless experience
Our solutions and expertise ensure a smooth transition to open banking with a high degree of flexibility. Envestnet | Yodlee provides your consumers with an intuitive, trust-inspiring experience to link both their open banking and non-open banking enabled providers.
4. An independent platform
As an independent data aggregator, we support financial institutions and FinTech customers equally and let you choose how to construct and deliver your open banking APIs and authentication/consent experience.
5. Developer tools to get to market quickly
Envestnet | Yodlee offers an industry-leading combination of developer tools and the most comprehensive financial data with market-leading data coverage across banking and wealth management.
Envestnet | Yodlee is Ready When You Are
Envestnet | Yodlee is ready to help community banks and credit unions move to open banking. We provide a trusted ecosystem that’s enabled for open banking with the most comprehensive financial data, and adherence to leading security and privacy practices. And while other FinTechs might offer similar-looking services, none offer the resources or the experience to help these valued community institutions innovate and thrive over the long term.
Find more information on leading-edge tools to designed to guide your solution through open banking implementation on our website.
