According to a new report, Envestnet is an open finance player with market-leading depth in data aggregation
Envestnet has been named a leader in The Forrester Wave™: Open Banking Intermediaries, Q1 2023 report. The report analyzed and scored 13 of the most significant open banking intermediary providers, including Envestnet, and assessed how each measured up across 24 evaluation criteria to help banking and financial services providers choose the best provider for their needs.
When Forrester evaluated this market in 2021, the primary points of differentiation among the providers were coverage and connectivity. In this report, Forrester notes three important market shifts: from consumer-oriented to business-focused services, from data-centric to payment-centric services, and from offering a single capability to providing complete end-to-end value. Several vendors specialize in specific areas such as payment processing, customized insights, risk profiling and analytics, or expanding their offerings to include embedded authorization and carbon tracking.
Envestnet has been recognized in the report by Forrester for its market-leading depth in data aggregation and as an open finance player that unifies multiple sectors within financial services to offer true open finance. With a superior product vision, Envestnet is focused on delivering end-to-end value, including tailored insights, risk profiling and analytics, as well as expanding use cases such as embedded authorization and carbon tracking. As an established part of the open banking landscape, intermediaries are responding to growing interest in and adoption of open banking, and Envestnet is at the forefront of this evolution.
The Forrester report notes that Envestnet’s absolute focus on data is evident in its platform, which supports both API and non-API data sources, as well as standards such as FDX, PSD2 and CDR. While the Data & Analytics platform does not offer direct payment capabilities today, it supports payments through account verification services that enable verified account opening and recurring payment scenarios, merchant payments, online checkout and the like. Envestnet also supports payments with a suite of financial wellness apps. Clients can choose to white-label or embed financial wellness modules and insights in their own platforms.
Envestnet serves hundreds of clients in the payments and money transfer arena including large FinTechs and major financial institutions. Envestnet also offers cloud-based analytics and client-facing tools to assist with lending and to identify net worth, along with where money is stored. For U.S. firms requiring first-rate PFM and BFM, the Forrester report recognizes Envestnet as a leading solution.
The report also cites Envestnet’s commitment to client service, with starter and enterprise tiers supporting onboarding for clients and ongoing support that includes a professional services capability with a team of data scientists to help firms with complex data and analytics.
As the open banking market solidifies, Envestnet’s product vision and execution roadmap contain tools and platforms to realize true open finance. We believe Envestnet’s recognition as a leader in Forrester’s Open Banking Intermediaries report is a testament to our market-leading depth in data aggregation, product vision, and execution roadmap. As open banking evolves, it’s clear to us from this report that Envestnet will continue to play a vital role in the industry.
Download the report for a deeper dive here.
