Increasing digitization of the lending process is yielding marked benefits for both lenders and borrowers. While borrowers experience faster time to apply and receive loans, lenders see cost savings and operational gains by using additional data to complement their traditional application process.
Envestnet | Yodlee is the secure, reliable, established leader in asset, income, and transactional data for better credit and risk decision making. Our unique and enhanced data sets can augment an applicant’s profile to yield lower risk in loan, credit line, and other lending decisions.
Build to Disrupt
Enable quick access to credit and instant underwriting with user-permissioned access to transaction and account level data. Gain a complete, holistic, up-to-the-minute view of users’ financial information.
Digitized Loan Application Process
Speed the lending process by auto-populating credit applications with real-time consumer income data, depository assets, and more.
Paperless Lending Workflows
Build paperless lending workflows through digital data access and eliminate the time, complexity, and manual overhead for your users to collect and submit paper bank statements and other financial documents.
Enable lenders to target the right customer at the right time, with the right offer to increase lead conversion rates with real-time customer financial data infused into the lead qualification process.
Utilize aggregation data sources to gain a complete picture of “credit invisible” consumers – consumers who currently lack a credit report at one of the credit bureaus – so you can service this emerging market.
Why Envestnet | Yodlee
FCRA Framework Support
Envestnet | Yodlee has implemented an FCRA-compliant framework so that consumer permissioned data can be used at any point in the lending process, while protecting both lenders and consumers. The FCRA-compliant framework supports explicit procedures for consumer disclosures and dispute handling, handling of permissible purpose disclosures and adherence to Adverse Action requirements.
Real-time Borrower Insights
Envestnet | Yodlee makes it possible for lenders to verify borrowers’ assets in a matter of seconds—direct from their depository accounts. Clean data, straight from the source, enables borrowers to provide financial details easily while simultaneously increasing lenders’ confidence, success rate and productivity.
User Permissioned Data for Reduced Risk
Consumer consent is the overarching enabler of any permissioned data system.Financial data acquired through user permission directly from the data source’s consumer-facing services is the best mechanism to ensure the authenticity and accuracy of the financial information today. Envestnet | Yodlee Financial Data Platform securely gathers such data globally, at scale, using credentials as well as emerging standards for consumer-authorized permission delegation.
Streamlined Customer Onboarding
The complexity of supporting numerous bank authentication models and getting customers on-boarded easily and quickly can be overwhelming. Envestnet | Yodlee Fastlink provides a simple and effective way to onboard, permission, and authenticate your users and their accounts across thousands of financial institutions, minimize customer abandonment, and maximize market traction. Developers can also customize FastLink for an integrated look and feel.