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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