Money20/20 USA: Envestnet on Open Banking and Compliance

Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and create the future of money.

FinTech Magazine caught up with Lisa Novier and Farouk Ferchichi from Envestnet to discuss all things open banking, compliance and much more.

User adoption on the rise

Lisa Novier, Head of Governance, Risk & Compliance – Data Analytics at Envestnet, said the company had been on an exciting journey in recent years, with heavy investment in open banking capabilities. 

"As we've been transitioning from screen scraping onto open banking APIs, the amount of user adoption has skyrocketed across all the categories of our products," she said. 

"We're seeing adoption rates go up by more than 300% overall across all our different use cases, and it's been an amazing journey. 

"Consumers have better connectivity and more reliability on their connections. The demand is already there; it's just about the ability to connect."

Delivering on promises

Looking to 2024, Farouk Ferchich, President – Envestnet Yodlee, was unequivocal about the firm's priorities. 

"We just want to execute," he added. "We've made a lot of progress, transforming our business from where we were to moving into this next-gen PFM (personal financial management), analytics and AI-driven, but we want to deliver for our clients.

"We want to show them today and over the next year that we really want to deliver on things we promised."

To hear more from Lisa Novier and Farouk Ferchichi, simply follow the video link at the top of this story. 

Want to see more from Money20/20 USA 2023? Stay tuned to our website for more content, which will be rolled out in the coming days. 

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