Envestnet | Yodlee Unlocks Consumer Data Right to Power Lumiant’s Global Expansion

New platform uses CDR representative model and data aggregation to build a real picture of a family’s net wealth within Lumiant’s Governance and Your Wealth modules

SYDNEY, Australia, 27 September 2022 – Envestnet® | Yodlee® – a leading data aggregation and analytics platform for financial services within Envestnet’s Data & Analytics business – today announced that Lumiant, an advice and client engagement platform, will become the first company to leverage Envestnet | Yodlee’s Consumer Data Right (CDR) accreditation under the CDR representative model to power its evolved Your Wealth module.

The partnership enables Lumiant to reap the benefits of open banking by accessing real-time data from financial institutions. The open banking connections provided by Envestnet | Yodlee allow advisors to access a comprehensive view of their clients’ total financial lifecycle within its Governance and Your Wealth modules.

“When it comes to advice, many financial professionals are hamstrung in delivering an excellent client experience because so much still revolves around pen, paper, and manual data capture,” said Santiago Burridge, Lumiant’s Co-Founder and Global CEO.

“Not only is the experience tedious, but it is way behind the digital experiences we have come to expect from all areas of our lives. We’re stuck in the stone ages and it’s time we took advantage of technology to enhance the client experience.”

The new integration powers Lumiant’s financial data collection and aggregation, allowing clients and their financial professionals to see the overall net worth of a household in one place. Advisors can now better define specific financial goals for their clients and use that data to power its Best Life projections.

Additionally, rather than clients having to provide their financial details and balances using manual data entry forms, financial professionals can now collect this information directly from their client’s financial institutions, reducing the time spent meeting Know Your Customer requirements. Clients simply connect their financial institutions to their financial plan and seamlessly share their information with their advisor.

Over the past few years, Australian fintechs have experienced global growth[1], and the success of Lumiant’s platform now has Burridge making waves in new markets outside of Australia.

“We recently launched Lumiant in the U.S. and are exploring options to expand into the UK and South Africa,” added Burridge. “Both markets have comprehensive open banking regimes, so it’s important to establish strategic partnerships with other global brands that have expertise in this space. Our partnership with Envestnet | Yodlee does just that.”

“Our work with Lumiant demonstrates the benefits that the latest CDR accreditation model provides for fintechs, and importantly, Australian consumers,” said Tim Poskitt, ANZ Country Manager at Envestnet | Yodlee. “This is what we’re all about. At Envestnet | Yodlee, we are able to provide comprehensive CDR and non-CDR data, meaning that Australian financial organisations such as Lumiant can continue to innovate and improve the lives of Australians.”

Poskitt continues, “With our global footprint we’re able to offer financial institutions of all sizes the broadest data coverage available in the market, with more than 30 million users worldwide. We’re excited to see what’s next for Lumiant and where we can further support them into the future.”

This announcement follows a flurry of new regulatory developments announced by the Australian government that will allow for greater participation in the country’s Open Banking regime[1]. The six new accreditation models will reduce barriers to participation by enabling organisations like Lumiant to securely access CDR data via accredited providers, such as Envestnet | Yodlee, without needing to become accredited data recipients themselves.

Your Wealth, powered by Envestnet | Yodlee, is available on Lumiant’s Professional subscription plans in Australia, New Zealand and the U.S. For more information visit lumiant.io.

About Envestnet

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is Fully Vested™ in empowering advisors and financial service providers with innovative technology, solutions, and intelligence to help make financial wellness a reality for their clients through an intelligently connected financial life.  More than 106,000 advisors and over 6,500 companies—including 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors, and their clients.

For more information on Envestnet | Yodlee, please visit www.yodlee.com, subscribe to our blog, and follow us on Twitter (@Yodlee) and LinkedIn

About Lumiant

Lumiant is an award-winning cloud-based advice and client engagement platform, where clients and their advisors connect around their lives, values and finances, helping them make better choices and live their best lives confidently. Lumiant proudly champions the non Chief Financial Officer of the household driving conversion, revenue, referrals, and retention over multiple generations.

Lumiant removes key person dependency through its software-supported advice process by creating a memorable, measurable, and repeatable process that anyone can deliver. Lumiant transforms qualitative information into trackable quantifiable measures, anchored in a stochastic modeling process to illustrate to clients whether they are on track to living their best lives.

Give money meaning with Lumiant and help your clients live their best life. Visit lumiant.io to learn more and to stay connected, please follow us on LinkedIn and Twitter.

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