CHICAGO, Oct. 24, 2019 — Envestnet recently hosted its first global hackathon, named ENVathon, which brought more than 500 employees together to ideate and design the next wave of wealth management tools and technology. The innovations from the event are already transforming the company’s technology roadmap, and will ultimately enhance the resources advisors have to grow their business and provide a broader definition of advice to their clients.
The ideas generated during ENVathon ranged from enhancements to boost productivity and improve user experience to additions to the company’s suite of financial planning tools. And the solutions leveraged leading-edge developments such as natural language processing (NLP), machine learning and cognitive analytics.
One of the designs tabbed for immediate inclusion in the roadmap, for example, uses NLP to scan support inquiries — to understand the nature of the request and automatically start workflows to reduce processing time. It can also evaluate the sentiment of the message to add to Envestnet’s benchmarking efforts. The result: superior responsiveness and service.
“These are real ideas the teams were able to bring to life,” said Molly Weiss, head of product for Envestnet. “Plus, they answered questions both immediate and forward looking. How can we anticipate the next piece of data an advisor needs to increase productivity? Is it possible to merge finance and health to expand the view of wellness? It’s a testament to the incredible, creative pool of talent within our organisation and the collective drive to propel the industry forward.”
Conducted over the course of two months, ENVathon started with 96 cross-functional teams of Envestnet employees from around the globe, each looking to apply new thinking and techniques to solve challenges for the investment community. Through four phases of evaluation, participants took ideas from concept to design. And 22 teams ultimately showcased demos of their finished solutions on the final day of the event, at a forum held in Trivandrum, India, on September 29th.
A panel of senior leaders evaluated the solutions based on their customer and commercial impact, and selected winners across ‘business’, ‘efficiency’ and ‘new product’ categories. Three winning designs are now included in the roadmap. Seven more are part of ENV Labs, the company’s technology incubator, to build on and test the proofs of concept.
Launched as an innovation platform, ENVathon was born out of existing initiatives spread across business functions and geographies. Envestnet plans to hold the event annually.
Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet's unified technology empowers enterprises and advisors to more fully understand their clients and deliver actionable intelligence that drives better outcomes and improves lives.
Envestnet Wealth enables enterprises and advisors to better manage client outcomes and strengthen their practices through its leading Wealth Management Operating System and advanced portfolio solutions. Envestnet | Tamarac provides portfolio management, reporting, trading, rebalancing and client portal solutions for registered independent advisors ("RIAs"). Envestnet MoneyGuide provides goals-based financial planning applications. Envestnet Data & Analytics enables innovation and insights through its Envestnet | Yodlee data aggregation platform. Nearly 97,000 advisors and more than 3,800 companies including: 17 of the 20 largest U.S. banks, 40 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of Internet services companies leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences and help drive better outcomes for enterprises, advisors and their clients.
For more information, visit www.envestnet.com and follow the company on Twitter @ENVintel.