RBC and Envestnet Data and Analytics Announce Agreement to Provide Clients With Greater Control Over Their Financial Data
RBC is pleased to announce a data access agreement with Envestnet | Yodlee, a leading data aggregation and analytics platform, to address the needs of an increasingly digital customer base. The agreement allows RBC clients to better manage their finances and build wealth by connecting to and sharing their RBC financial information with more than 1,500 third-party applications powered by the Envestnet | Yodlee platform.
RBC becomes one of the largest banks in Canada to sign a data access agreement with Envestnet | Yodlee. The implementation of this agreement will empower RBC clients with the option to share their financial data, safely and securely with Envestnet | Yodlee through a direct application program interface (API) connection. This eliminates the need for them to share their RBC credentials, improves the accuracy of the data, and significantly accelerates financial data access.
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“RBC is committed to providing Canadians with industry-leading digital solutions that deliver more value, without compromising the security of their information,” said Peter Tilton, Chief Digital Officer, Personal & Commercial Banking, RBC. “This agreement is a great example of that commitment in action, and how the industry can come together to build new standards that better protect Canadians’ data privacy.”
This move to a direct API connection significantly reduces reliance on RBC client credentials for sharing financial information in Canada, and offers clients a better method to control the release of their account information, greater reliability, and higher speeds in accessing their account information.
“Our relationship with RBC is vital for empowering their customers to make intelligent financial decisions,” said Farouk Ferchichi, Group President, Envestnet Data and Analytics. “Through our agreement with RBC, we are giving their customers improved access to and control of their financial data, ultimately helping them grow, protect, and manage their wealth.”
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Consumers often use mobile apps and tools to consolidate financial information and to assist with budgeting and managing their money. The implementation of this data access agreement with Envestnet | Yodlee will improve that customer experience. Additionally, RBC clients can now experience improved control and access when sharing their financial data with applications outside the bank.
“Our clients want their primary banking relationship to be anchored with RBC, but they also want to be empowered to access, use and share their financial data with other applications,” added Tilton. “As we deliver this added client value, it is more important than ever that we do so in a safe and secure manner. This agreement with Envestnet | Yodlee does just that. Not only do RBC clients gain secure access to the broad suite of apps and services Envestnet | Yodlee has to offer, but they also now have more confidence and control over the data that is shared.”
This new, industry partnership is a demonstration of both companies’ long-standing commitment to add value, prioritize security and create peace of mind for clients as they manage their finances digitally.
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