Thursday, September 21, 2017

Global Financial Data Platform Envestnet | Yodlee Partner Home Credit India to Digitize Loan Processing

Envestnet | Yodlee, a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services, today announced its partnership with Home Credit India, one of India’s leading consumer finance providers that is committed to driving credit penetration and financial inclusion. The tie-up has enabled Home Credit India to digitize its loan approval process with Envestnet | Yodlee Aggregation API, a technology that enhances traditional credit reports with consumer-permissioned aggregated data from over 15,500 sources, including banking, investment, loan and credit information. 

Designed with bank level security, the Envestnet | Yodlee Aggregation API eliminates the manual loan process, where lenders require borrowers to provide bank statements in order to approve a loan. By integrating with Envestnet | Yodlee FastLink, consumers can add and link their financial accounts on any device within seconds. With this transaction information, Home Credit India will use this powerful financial data to supplement traditional credit reports.

“We are pleased to associate with the pioneering consumer finance provider Home Credit India and thrilled with the unprecedented response of consumers to aggregate their financial data for the loan application with Envestnet | Yodlee Aggregation API,” said Arjun Singh, Managing Director of Envestnet | Yodlee in Asia. “In order to accelerate financial inclusion, it is necessary to have credible and secure digital solutions. The Envestnet | Yodlee Financial Data Platform brings together massive data and intelligence to address those needs in India.”

“While typical credit risk reporting is heavily focused on past payment history that furnishes a limited view of the consumer’s financial condition, Envestnet | Yodlee Aggregation API enables lenders to gain a holistic and verified view of the consumer’s true financial picture in a more comprehensive and accurate manner than other methods available today,” said Dhruv Manga, VP of Sales, Envestnet | Yodlee in Asia and the Middle East.

“Our partnership with Envestnet | Yodlee is a game changing opportunity for us to become disruptors in the area of online lending,” said Milan Dolansky, Head – Online, Home Credit India. “Considering the scale at which we operate, optimizing the loan process with financial data has allowed us to streamline our operations, and expand our offerings to digital-savvy customers. We have been approached by leading private banks to share our successful digital lending model powered by the Envestnet | Yodlee platform.”

Envestnet, Inc. is the leading provider of intelligent systems for wealth management and financial wellness. Envestnet’s unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers enterprises and advisors to more fully understand their clients and deliver better outcomes.

Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group. Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software for advisors. Envestnet | Retirement Solutions provides an integrated platform that combines leading practice management technology, research, data aggregation and fiduciary managed account solutions.
More than 57,000 advisors and 2,900 companies including: 16 of the 20 largest U.S. banks, 39 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.

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