Envestnet | Yodlee (ENV), a leading data aggregation and analytics platform powering dynamic, cloud-based innovation for digital financial services, today announced it is expanding its product offering by introducing Envestnet | Yodlee Risk Insight, a new solution that provides lenders with the ability to see a complete view of consumer bank account and spending activity.
This latest launch from Envestnet | Yodlee reflects its continued commitment to financial institutions and Internet companies alike toward driving innovation across the entire spectrum of fintech including credit risk, retail banking, small business banking, payments, wealth management, and more.
Envestnet | Yodlee Risk Insight allows lenders to inject user-permissioned financial data into existing underwriting functions, allowing them to make a more informed, data-based decision when evaluating a borrower. Improvements to their risk model will enhance the underwriting process, reduce fraud, and improve pull-through and approval ratios. In addition to utilizing the Envestnet | Yodlee Financial Data Platform, lenders can now leverage alternative financial data through the Risk Insight solution to create an enhanced risk profile of borrowers and apply those findings immediately in their current underwriting process.
With Envestnet | Yodlee Risk Insight, the current information useful to lenders to make an informed decision is gathered electronically and transmitted directly to them, saving both lenders and borrowers time and effort, reducing underwriting costs for the lender, and improving the lending application process as a whole. The features of the offering include:
Application Capture Flow: Envestnet | Yodlee Risk Insight can be easily integrated into the lender’s existing application flow
Risk Insight API: Contains data from the borrower’s bank and other accounts with transaction details
Report / Disclosures: When requested by a borrower, Envestnet | Yodlee provides a copy of the information sent to the lender, with consent of the consumer
“By introducing this new solution we are essentially enabling lenders to make more informed underwriting decisions, and ultimately improving approval rates to help mitigate credit losses,” said Terry McKeown, Practice Manager, Credit Analytics at Envestnet | Yodlee. "Our solution is fast, comprehensive, and precise. We’re looking forward to seeing the results for financial institutions on our platform as they begin to use the data provided by the Risk Insight API.”