Title

AWS re:Invent 2023 - Driving Growth and Creating Differentiated Customer Experiences with InvestNet Yodlee (INO108)

Summary

• Presenters: Lauren Stein (AWS), Arun Anur (InvestNet Yodlee), Joe Fiorillo (InvestNet Yodlee)
• Topic: Collaboration between AWS and InvestNet Yodlee to create a transformative customer experience for financial advisors and investors.
• Background: InvestNet Yodlee (Yodlee) has evolved from a product-driven to an analytics-driven organization, focusing on wealth management and aiming to shift from being a cost center to a growth driver.
• Problem: Financial advisors spend excessive time and resources on inefficient client prospecting.
• Solution: A digital engagement matching experience that uses AI to match financial advisors with investors, streamlining the prospecting process and increasing productivity.
• Methodology: AWS's "working backwards" approach, focusing on customer-centric solutions, ideation exercises, and creating a minimum lovable product.
• Outcome: A new product ready for launch, with initial testing through POCs with selected customers, and a plan for a broader rollout.
• Architecture: A secure AWS-based architecture that supports the solution, with a focus on data privacy and security.
• Business Results: Increased productivity for advisors and investors, enhanced trust for financial institutions, raised awareness for Yodlee, and improved conversion rates through AI and ML techniques.

Insights

• Customer-Centric Approach: The collaboration emphasized understanding the customer's needs and problems before developing a solution, ensuring that the product would be valuable and relevant to the target audience.
• Speed of Innovation: The process from ideation to product readiness took approximately three and a half months, demonstrating the efficiency of AWS's working backwards methodology and the importance of having the right mix of business and technical expertise.
• Cultural Shift: Yodlee's transition from a product-centric to a customer-centric and analytics-driven approach required a cultural shift within the organization, emphasizing the importance of aligning teams with a shared vision.
• Security and Privacy: Given the financial nature of the data involved, the architecture was designed with a strong emphasis on security and privacy, leveraging AWS's infrastructure to ensure compliance and trust.
• Iterative Development: The approach to market involved starting with a small subset of customers (POCs) to test and refine the product before a larger rollout, highlighting the importance of learning from real-world use and feedback.
• Resource Allocation: The success of the project relied on dedicating valuable resources, including key personnel from complex projects, to participate and contribute their expertise to the innovation process.
• Business Impact: The solution is expected to have a significant impact on Yodlee's business, transforming it from a cost center to a revenue-generating entity and enhancing its position in the FinTech market.