Boosting Construction Productivity with Smart Mobile AI Tools and the Envestnet | Yodlee Platform API

September 10, 2018
2 mins read
Boosting Construction Productivity with Smart Mobile AI Tools and the Envestnet | Yodlee Platform API
    Article originally published on

    Customer Facts

    Veryfi is the first AI-driven mobile
    financial automation platform
    designed for the construction craft
    workforce. Veryfi automates the
    data entry, categorization,
    reconciliation, and bookkeeping of
    construction expenses and
    materials. By connecting office
    stakeholders with real-time field
    data, Veryfi improves job costing
    accuracy and enhances decision making.

    Industry: Accounting and

    Products Used: Envestnet |
    Yodlee Financial Platform API

    “We tried other data
    aggregation providers, but
    none came close to offering
    the reliability, global
    support, and sheer number
    of banking connections
    that Envestnet | Yodlee did.
    Envestnet | Yodlee allows
    us to work at 100 percent
    capacity, all over the world.”

    Ernest Semerda
    Co-founder, Veryfi

    The Challenge

    Manufacturing industry productivity has been growing exponentially over
    the last 20 years, but the construction industry has remained flat. Even
    though construction makes up 10 percent of the U.S. GDP, studies show the
    construction industry is among the least digitized industries. In order to move
    the needle and stop the productivity drain, Ernest Semerda and Dmitry Birulia
    founded Veryfi. This automation platform augments construction teams with
    smart mobile artificial intelligence (AI) tools to boost productivity. The solution
    automates bookkeeping, project logging, and time tracking, and connects office
    stakeholders with real-time data from the field teams to improve decision-making.
    In addition to mobile digitization, the Veryfi team sees machine automation as
    a valuable way to boost construction productivity, since it alleviates the pains of
    manual digital tasks like data-entry, coding, time sheets, reporting, and more.
    But for machine automation to be successful, it requires data. Plenty of data.
    Veryfi needed a financial data aggregation platform to gain access to financial
    data on a massive scale. While Veryfi tried a number of data aggregation
    platforms, they found the data connections limited and global coverage lacking.

    The Envestnet | Yodlee Solution

    When Veryfi discovered the Envestnet | Yodlee® Financial Data Platform with
    its massive data network, they quickly saw the advantages. By integrating the
    Envestnet | Yodlee Platform API into their software, they were able to leverage all
    the user-permissioned data that was needed from credit cards and banks all over
    the world – without having to obtain this data themselves or spend time building
    this functionality into their app. Veryfi also found that the quality and freshness of
    Envestnet | Yodlee data far surpassed the data from other aggregation providers,
    thanks to Envestnet | Yodlee Transaction Data Enrichment.
    By partnering with Envestnet | Yodlee, Veryfi was able to seamlessly connect to
    banking data, gain unique insights about their customer base, and benefit from
    the reliability, coverage, and support of Envestnet | Yodlee data.

    Proof Points

    Veryfi sees Envestnet | Yodlee as an important data aggregation partner in
    its mission to digitize and automate the construction industry worldwide. The
    company participated in the Envestnet | Yodlee Incubator fintech program, and
    found it to be a valuable way to strengthen their relationship with Envestnet |
    Yodlee and gain additional support.

    See Veryfi’s presentation at Envestnet | Yodlee Demo Day