Envestnet Data Aggregation Delivered 416% ROI for Financial Institutions, According to Total Economic Impact Study

BERWIN, PA, March 16, 2023 /PRNewswire/ — Envestnet Data and Analytics, a subsidiary of Envestnet (NYSE: ENV), a leading provider of intelligent wealth management and financial wellness systems, commissioned Forrester Consulting, an independent research firm, to conduct a Total Economic Impact™ study on a study of the total economic impact of Envestnet Data Aggregation. The study revealed that participating financial institutions achieved a significant return on investment (ROI) by using Envestnet Data Aggregation to collect and aggregate meaningful data. The benefits, costs and risks associated with the investment were assessed using Forrester’s proprietary risk-adjusted methodology.

Based on interviews with Envestnet Data and Analytics customers representing financial institutions across banking, wealth management and technology, Forrester created a composite organization to assess the platform’s ROI potential over a three-year period. The study showed a 416% ROI over three years, 20% annual growth and a payback on investment within six months.

A survey respondent and director of digital product strategy for a global financial services firm shared the impact Envestnet Data Aggregation is having on their business during the survey: “When I envision what we envision for the future, the value of what Envestnet Data Aggregation does is one of the most important components of our future success.”

“Envestnet is focused on enabling a smart financial life by helping consumers better connect their financial information and accounts to provide a 360-degree view of their financial life. This view, combined with the power of technology and professional advice, helps consumers make more informed financial decisions,” said Chip Scully, Head of Banking Channel for Envestnet Data and Analytics. “Through this Forrester study, we have solidified the role that data aggregation plays as a valuable/critical component that helps financial institutions drive business growth and build customer loyalty.”

The study reveals five quantifiable benefits after using Envestnet Data Aggregation, which include increases in client retention, share of portfolio, wealth management account conversion, revenue from cross-selling and affiliate programs, and reduction in wealth onboarding costs. In addition, the study also showed unlimited benefits of the platform to customers, including technology interface flexibility, increased quality of aggregated insights, strong communicative and collaborative product planning, and a pricing and negotiation philosophy that enables scale and growth.

Envestnet Data and Analytics customer TradeSmith, a current user of Envestnet Data Aggregation, shares the benefit this solution has provided to his business over time: “After years of working with Envestnet Data Aggregation, we continue to receive consistent data quality and excellent customer support for our rapidly growing customer base. We would not have the success we have today without these three important criteria for our data aggregation.”

Envestnet Data and Analytics hosted a webinar that delved deeper into Forrester’s findings and how Envestnet Data Aggregation can help improve ROI for financial institutions. A replay of the webinar – The Business Case for Data Aggregation – can be found here.

To obtain a copy of the full study, visit us online at https://solutions.yodlee.com/forrester-roi-study.html.

About Envestnet

Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions and intelligence. By making connections between people’s day-to-day financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live a Smart Financial Life™. With $5T in platform assets – approximately 106,000 advisors, 16 of the 20 largest US banks, 47 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs and thousands of companies depend on Envestnet’s technology and services to help drive better results for their businesses and their customers.

Envestnet refers to the family of operating subsidiaries of the public holding company Envestnet, Inc. (NYSE: ENV). For more information about Envestnet, please visit www.envestnet.com and follow us on Twitter @ENVintel.

SOURCE Envestnet

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