Envestnet/Yodlee to power Open Banking for 86 400

Source: Envestnet

Envestnet | Yodlee, the global leader in data aggregation and intelligence, and 86 400, Australia’s first “smartbank”, providing consumers with a personalized banking experience, are working together to advance financial solutions for Australians to achieve better financial wellness.

In a year of surprises, it has become clearer than ever that Australian consumers need the best financial solutions possible, to help them navigate financial uncertainty. Envestnet | Yodlee is the behind-the-scenes powerhouse financial data aggregator allowing 86 400 to provide its customers with a full picture of their financial situation. 

“The average Australians’ financial world can be very complex, with numerous accounts for numerous products across different financial institutions. By partnering with Envestnet | Yodlee, we’ve given our customers the ability to see all their accounts in one place, delivering a better view of their financial lives and helping them take control of their money” says Brian Parker, 86 400 CIO. 

By enabling financial data access to over 100 financial institutions across Australia, Envestnet | Yodlee gives 86 400 the ability to offer their customers total control over their data.

“Consumers don’t have to wait for Open Banking to access and use their own data. Envestnet | Yodlee’s data aggregation enables consumers to link their financial accounts with tools and products that deliver better financial outcomes. That’s what 86 400’s products provide,” says Tim Poskitt, Envestnet | Yodlee ANZ Country Manager. “We’re proud to be working with 86 400. It’s great to see our global expertise being used to deliver better solutions to Australian consumers. The intelligence and smart nudges that this smartbank brings to market will make a real difference to the financial lives of its customers.”

Envestnet | Yodlee’s global experience in markets with varying levels of Open Banking regulation has revealed the importance of consumer control of data. Vibrant competitive markets ultimately benefit consumers, but they are dependent upon a consumer’s ability to make the choice to easily link their financial data from one provider to another. 

“Open Banking is about providing consumers with real choice to select the products that best support their financial situation. It's this choice that ultimately leads to better financial outcomes,” Poskitt continues. “86 400 is ahead of the curve in a market still coming to grips with the Consumer Data Right and Open Banking. We look forward to continuing to work with 86 400 to supercharge the financial lives of Australian consumers.” 

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