Enriching the Backbase Engagement Banking Platform with Envestnet | Yodlee data aggregation enables banks to improve customer retention, increase share of wallet and reduce cost to serve
AMSTERDAM (March 29, 2022) — Backbase, the leading global engagement banking platform provider, today announced a partnership with Envestnet® | Yodlee® (NYSE: ENV), a data aggregation and analytics platform that enables innovation and insights for financial service providers. The partnership will offer pre-built integrations with Envestnet | Yodlee’s Data Aggregation, Account Verification and Transaction Data Enrichment products, to enable financial institutions to provide their customers with a comprehensive view of their finances and an improved customer experience.
The collaboration is the latest step in Backbase’s journey to become the world’s category leader in engagement banking platforms. With pre-integrated, pre-vetted partners like Envestnet | Yodlee, the Backbase Engagement Banking Platform has all the best-in-class capabilities financial institutions need to deliver instant value to their customers, all through one single vendor relationship.
Envestnet | Yodlee’s product functionality and platform integration further strengthens Backbase’s financial wellness capabilities and intuitive customer journeys with deeper customer insights for financial institutions and their clients. This is made possible by enabling enriched data to flow through and improve all aspects of the customer journey within the Backbase platform.
The partnership enables banks and credit unions to reduce their cost to service customers, increase customer satisfaction and retention, and speed up customer onboarding. It also gives end-users a 360° view of their financial life.
“Partnering with Envestnet | Yodlee is a major milestone in our mission to bring value to every step of the full customer lifecycle on a single, unified platform,” said Karan Oberoi, CPO at Backbase. “The Backbase Engagement Banking Platform is the platform of choice for banks and credit unions because they can leverage best-of-breed fintechs like Envestnet | Yodlee for instant access to capabilities that put them ahead of the market. With Backbase’s category-leading capabilities and Envestnet | Yodlee’s data aggregation services fully pre-integrated and available through a single contract, financial institutions worldwide can deliver instant value to their customers while limiting implementation, procurement and risk assessment time.”
The following capabilities are now available in the Backbase platform, with more to come soon:
- Account Data Aggregation – allows customers to add and maintain all financial accounts in one single application, enabling them to easily view and understand their financial position. It also encourages them to stay longer on a bank’s app, improving customer stickiness and increasing cross-selling opportunities.
- Account Verification – enables customers to add and verify all their financial accounts in one single application without micro-deposits. Plus, it helps banks to protect their business by enhancing KYC and AML compliance, reducing fraud, boosting share of wallet and improving customer lifetime value.
- Transaction Data Enrichment – provides categorized and simplified transaction data that improves the customer experience, reduces cost to serve and enhances overall customer engagement through increased financial insight.
“Entering into this strategic partnership with Backbase is another proof point on how industry leaders are relying on quality data, comprehensive coverage, and intelligent insights from Envestnet | Yodlee to meet fast-growing banking demands,” said Farouk Ferchichi, Global Group Head of Envestnet Data and Analytics. “We are excited about partnering with Backbase and enabling them to deliver innovative solutions to financial challenges. Our collective mission is to ensure all consumers have full insights into their finances, ultimately providing them with the ability to achieve an intelligent financial life.”
Learn more about the Backbase Engagement Banking Platform.