Financial data aggregation and analytics company Envestnet Yodlee has launched its “goals-based savings solution” in Australia, hoping to win business from ADIs and fintechs.

Envestnet Yodlee Save for a Goal is a white label service, designed to integrate with core banking platforms. The company’s pitch is that it offers an “engaging and proactive experience” that will help ADIs reduce deposit churn.

Iain Kennedy, Envestnet Yodlee group head of product, said: “Banks are in a battle for deposit and their churn is as much as 5 per cent a year. Better engagement can reduce that.”

Save for a Goal involves setting a goal and tracking progress via a dashboard and notifications. It can be personalised, allowing customers to choose the images on their pages, and it can be automated allowing customers to set up “savings rules”.

As with other BaaS type products, deposits sit with the ADI, which sets interest rates.

Kennedy said one way Save for a Goal helps retain customers is by tracking progress towards a savings goal or milestone and then marketing the products and services the customer is likely to want in the next stage of their financial lifecycle.

Kennedy said the company has a couple of implementations underway in Australia.