Envestnet | Yodlee offering uses artificial intelligence to provide customized financial advice
Financial wellness is top-of-mind. Both employers and employees are asking for it, and in response, the industry is regularly dreaming up innovative ways to help clients improve their financial health. One of the most recent methods: using artificial intelligence.
This week Envestnet | Yodlee introduced enhancements to its Financial Wellness Solution that leverage “enriched transaction data, artificial intelligence and machine learning.” Dubbed an “artificial intelligence-driven financial wellness assistant,” the offering fully integrates the company’s newest technology, the AI FinCheck application, in addition to its OK to Spend predictive cash flow application and API.
The application’s unveiling comes on the heels of a 2018 AITE research study that found 79 percent of 22- to 34-year-olds and 77 percent of 35- to 49-year-olds were somewhat to very interested in getting financial help from a virtual wellness coach.
AI FinCheck works like this.
It monitors consumer behavior in real-time across categories such as spending, saving, borrowing and planning in order to identify areas that could use improvement. It then communicates customized advice to users via several channels, including digital and mobile platforms.
“Now, more than ever, consumers are looking for personalized, intuitive and forward-looking experiences that help them meet their financial goals now and in the future,” Katy Gibson, vice president of product applications at Envestnet | Yodlee, said in a statement.
“By expanding our Financial Wellness Solution to include the new AI FinCheck application, financial service providers can provide their consumers with a personalized virtual financial wellness assistant which delivers actionable insights to help improve their financial health. This easy-to-use tool utilizes real-time data to enable consumers to make more informed financial decisions.”
The application may help foster better advisor-client relationships, too, as it “encourage[s] customers to actively engage with financial service providers on an ongoing basis, deepening relationships and helping drive positive outcomes,” the company noted in its announcement.