Yodlee: Cloud-Based Digital Banking Now Made Easy

Anil Arora, CEO, YodleeAnil Arora, CEO
More and more financial institutions around the world are keen on employing cloud services to cut down operational costs and boost their manual and financial services with rapid data processing. However, a major impediment in the digital ecosystem is the constant overhaul of legacy security systems with a significant increase in financial frauds, IT malwares, and cloud data thefts. As a result most financial enterprises fear these risks they directly impact customers’ money and financial resources.Surmounting this impediment is Yodlee, headquartered at Redwood, a cloud solution provider that offers secure and open platform to enable many consumer services providers and financial institutions leverage on the real-time transactional data.

Founded in 1999, Yodlee aims to give complete independence to financial institutions and companies to make informed financial decisions, and effectively carry out one click transactions as per safety and security standards. The firm provides technology and applications platform that empowers and enhances digital financial services in the cloud to make financial management more accessible and simple. “Yodlee has been a disruptive catalyst in the financial industry building data-driven financial applications and we intend to deepen customer engagement, interaction through our platform,” delineates Anil Arora, President and CEO, Yodlee. In addition, the company also deftly carries out the processing of multitudinous transactions across vast network of users, assuring the customers an option to embark upon transaction-level data for data analytics, research, and market predictive analysis purposes. Off late more consumers are inclining toward digital banking services and instant account verification.

Yodlees’ Instant Account Verification solution addresses this requirement as it encompasses the Yodlee FastLink application that protects users’ new accounts and their make online purchases. The Yodlee cloud platform for financial services provides digital banking, money management system, and application services for effective working of the institutions in a digital ecosystem.

“Our platform has proven to be secure to some of the largest financial brand requirements, while delivering operational efficiencies through diverse user networks,” says Arora. The objective behind the Yodlee Platform is to bring the dispersed data in a unified location alongside with financial apps also to deliver business insights with big data analytics. Adjacently, the Yodlee Platform and FinApps can together aid customers to optimize on big data analytics for customer insights and reduce the risk in data-driven verification processes.

The Yodlee Retail Banking solution encompasses a suite of FinApps that can enable customers with greater insight into their daily finance management and transactions. The solution gives a digital visual display of the customers’ current account status during purchases.Further, the solution also enables customers to congregate entire pool of their clients’ account information in a central repository to help them gain a clear sight on details about their finances. Many small businesses within the cloud banking area play the key role of being primary growth drivers. In the U.S., around 28.2 million small businesses with limited financial resources account for 48.5 percent of the private sector employment. These firms are on the constant look out for platforms that can address these pain points.

Our platform has proven to be secure to some of the largest financial brand requirements, while delivering operational efficiencies through diverse user networks

Yodlee Business Financial solutions addresses the issue by providing those companies with online financial management tools, including capabilities such as cash flow forecasting, expense analysis tools, payroll that can support mobile banking portals to help them manage their finances. With the financial landscape only becoming innovative with new cloud based technologies, Yodlee intends to develop and strengthen their services to ensure that the customer satisfaction is met. About the road ahead, Yodlee plans to extend its market foothold by exploring opportunities across the world.