Inaugural Partnership with Central Bank Offers
an Embedded Digital Investing Experience for Online and Mobile Bank
Users
BERWYN, Pa., Oct. 23, 2023 /PRNewswire/ -- At a time when
consumers increasingly look to their financial institutions to
provide holistic experiences encompassing a broad range of
financial experiences in one place -- from savings and checking to
bill pay and investing – Envestnet is proud to unveil its
embedded investment solution, providing a digitized process for
banks, credit unions, and financial advisors to offer investing
solutions within their own apps and websites to customers within
their existing banking experience. The service, consisting of
diversified portfolios invested in exchange-traded funds and
optional thematic stocks, enable financial institutions to retain
deposits within their own ecosystem and serve smaller account sizes
in an digital fashion.
"Our data and analytics indicate that banks and credit unions
are losing billions of dollars to digital investment platforms, as
customers leave their banks to seek out these investing solutions,"
said Dani Fava, Group Head of
Product Innovation at Envestnet. "Envestnet is giving these
entities a turnkey solution to help retain customers, by offering a
seamless investing integration—so they can experience a more
holistic financial experience with their current institution."
Central Trust Bank, a personal and business bank with locations
throughout the Midwest, is the first to leverage Envestnet's latest
capabilities. In partnership with Envestnet, Central Bank has
introduced Digital Investor, an online investing experience
seamlessly embedded within the Central Bank Mobile Banking App and
Online Banking. This partnership will enable Central Bank customers
to embark on their investing journey by selecting investment
portfolios recommended by Envestnet based on their financial
goals.
"Today's consumers are looking beyond traditional banking
products – even as they begin their financial journey. We're
excited to partner with Envestnet to empower our customers to
optimize their finances directly within their banking app – while
providing them access to the investment side of the house,"
Dan Westhues, Executive Vice
President & Chief Marketing Officer of Central Bank. "This
will greatly streamline the user experience of our customers and
ease the process of managing their personal finances, also
providing them with thematic investing options through
Envestnet."
Envestnet's embedded investing solution marks a major leap
forward in democratizing investing, offering a user-friendly and
inclusive approach that empowers individuals to make informed
financial decisions and build an Intelligent Financial Life.
Technology from custodians like DriveWealth, who enable a
completely digital onboarding experience make this possible. Beyond
its use within financial institutions, embedded finance will play a
pivotal role in providing easy access to investing for millions of
individuals who have traditionally been excluded from such
tools.
Attendees at this year's Money 20/20 conference in Las Vegas, NV from October 22 – 25 can learn more about embedded
investing by attending Dani Fava's
live presentation, " Stop the Bleed: How Embedded Investing Can
Save Banks Billions," held on Tuesday,
October 24 at 2:15 p.m. on the
"Under the Stars" stage, or by stopping by the Envestnet Booth in
Money Hall, #14327.
To support the growth of this transformative offering, Envestnet
has established Envestnet Embedded Advisory, an SEC-registered
investment advisor that will serve as the asset manager for the
embedded finance solutions. Investment accounts are held at
independent broker-dealer and custodian DriveWealth, LLC, member
FINRA/SPIC.
About Envestnet
Envestnet is transforming the way
financial advice is delivered through an ecosystem of technology,
solutions and intelligence. By establishing the connections between
people's daily financial decisions and long-term financial goals,
Envestnet empowers them to make better sense of their finances and
live an Intelligent Financial Life™. With more than
$5.4T in platform assets – more than
107,000 advisors, 16 of the 20 largest U.S. banks, 47 of the 50
largest wealth management and brokerage firms, more than 500 of the
largest RIAs, and thousands of companies, depend on Envestnet
technology and services to help drive better outcomes for their
businesses and for their clients.
Envestnet refers to the family of operating subsidiaries of the
public holding company, Envestnet, Inc. (NYSE: ENV). For more
information, please visit www.envestnet.com, and follow us on
LinkedIn and X (@ENVintel).
Central Trust Bank and Envestnet are separate and unaffiliated
firms. This release should not be construed as a recommendation or
endorsement of any particular product, service, individual or
firm.
About The Central Trust Bank
The Central Trust Bank is
headquartered in Jefferson City,
Missouri, and has been serving businesses and customers
since 1902. The bank is built on a strong foundation of people,
community service, and technology.
The Central Trust Bank is a $20
billion Missouri
state-chartered trust company with more than 250 locations in 78
communities serving consumers and businesses in Missouri, Kansas, Illinois, Oklahoma, North
Carolina, Colorado,
Iowa, and Florida. Divisions of The Central Trust Bank
include Central Trust Company, Central Investment Advisors, Central
Travel, and Central Technology Services. For more information,
visit www.centralbank.net.
-Strong Roots. Endless Possibilities-
Member FDIC
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SOURCE Envestnet