Data aggregation and analytics platform Envestnet | Yodlee and Capital One Financial Corporation have entered into a data access agreement for mutual customers that aims to give consumers “improved access to and control of their financial data”.
Under the agreement, Capital One customers will be able to connect to and send their financial information to the more than 1,500 third-party applications powered by the Envestnet | Yodlee financial data aggregation platform.
Envestnet | Yodlee said that the data sharing agreement, which is powered by Capital One’s customer transactions API, removes the need for customers to share their banking login ID or password and allows the use of tokens to grant and control account access.
It reported a 30% increase in account linking success by customers using the new API data connection.
Chad Wiechers, senior vice president of data access and strategy at Envestnet | Yodlee, said: “The root of Envestnet | Yodlee’s partnership with Capital One is bringing forward a solution that gives consumers improved access to and control of their financial data.
“Our relationship with Capital One is just another piece of evidence that the future of digital banking is in direct access APIs. This approach is essential for giving banking customers the power to make connected, actionable, and intelligent financial wellness decisions, while also taking advantage of even greater security and account connectivity.”
Becky Heironimus, MVP, head of enterprise privacy and data governance at Capital One, added that many of its customers want to share their financial data with third-party apps and experiences.
“This agreement represents another step Capital One has taken to give customers more control over how and with whom the customer chooses to share their personal financial data with,” she said.