Neobank 86 400 has joined forces with data analytics firm Envestnet | Yodlee to launch a data aggregation platform that will allow customers to view their all their financial accounts in one central location.
In a statement, Envestnet | Yodlee said the partnership will grant financial data access to more than 100 financial institutions across Australia and enable 86 400 customers to have total control over their data.
“Consumers don’t have to wait for open banking to access and use their own data,” said Tim Poskitt (pictured), country manager for Australia and New Zealand at Envestnet | Yodlee.
“Envestnet | Yodlee’s data aggregation enables consumers to link their financial accounts with tools and products that deliver better financial outcomes. That’s what 86 400’s products provide.”
According to Poskitt, Envestnet | Yodlee’s experience with varying degrees of open banking regulation across global markets has highlighted the importance of consumer control of data, adding that while competitive markets could ultimately benefit consumers, they are dependent on a consumer’s ability to link their financial data from one provider to another.
“Open banking is about providing consumers with real choice to select the products that best support their financial situation,” said Poskitt. “It’s this choice that ultimately leads to better financial outcomes.”
Meanwhile, Brian Parker, chief information officer at 86 400, said that the average Australian’s financial world “can be very complex, with numerous accounts for numerous products across different financial institutions.”
“By partnering with Envestnet | Yodlee, we’ve given our customers the ability to see all their accounts in one place, delivering a better view of their financial lives and helping them take control of their money,” said Parker.
