Envestnet is one of the leading providers in the financial services industry in part due to its innovative and fluid approach to technology. Rather than a company static in its practices, Envestnet has searched for companies to acquire, technologies to incorporate, and practices to adopt in order to remain a leader in providing intelligent systems for financial services, account management, and more.
As one of its innovative approaches, Envestnet launched a new initiative, which was announced at the 2018 Advisor Summit. This new product works to solve many of the common frustrations wealth managers and investment advisors face today. From the need to combine data from multiple sources, scour the data for insights, and constantly have to report on new data pushed out on a daily basis, Envestnet recognized the need for an adaptable platform that aided advisors and enterprises in collating and understanding their data: “As clients’ needs evolve and wealth management becomes more complex, today’s enterprises are increasingly motivated to provide the most timely and actionable advice possible,” said Jud Bergman, Chairman and Chief Executive Officer of Envestnet. “With Envestnet’s new initiative, advisors and enterprises can find connections in data to not only provide actionable insights for clients but also to stay competitive and efficient.”
Envestnet Intelligence™ and Narrative Science’s NLG Platform
As announced in its press release, Envestnet also offers a tool called Envestnet Intelligence™, a feature that is embedded within the firm’s current Envestnet Analytics portals in order to turn data into actionable insights. Envestnet Intelligence™ provides the next step as it helps guide users to ask the important questions behind their data, and as stated in their press release, Envestnet Intelligence™ is “a new tool that leverages the data connectivity and machine learning capabilities found in Envestnet’s new initiative.” Envestnet Intelligence™ goes a step further by leveraging Narrative Science’s Quill, in order to turn the data insights into actionable, communicable narratives. With the integration into Quill, data insights are now transformed into stories that can be implemented in multiple different ways.
Narrative Science has partnered with Envestnet Analytics to build a custom application of Quill that is offered through Alexa-enabled devices. With Envestnet Intelligence™’s data insights and industry knowledge, and Quill’s ability to use that information and transform it into stories, the two combine to create the actual text that Alexa communicates. As thought leaders in their respective industries, this collaboration shows that companies are responding to users’ desires to have accessible information faster and more effectively portrayed. Envestnet Intelligence™ allows for users to access their data, ask questions, and interact with their insights via a mobile device, desktop, or Alexa-enabled device. This product disrupts the industry standard that data insights can only be gleaned from complicated dashboards on a desktop or static reports: Envestnet Intelligence™ and Quill are paving the way for conversational interfaces to become the new standard for accessible data interactions and understanding.