Article originally published on https://resources.yodlee.com/case-studies/veryfi-case-study
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.”
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.
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.
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