Envestnet/Yodlee debuts AI-based FinCheck Wellness app

A key offering of the Envestnet | Yodlee Personal Financial Wellness Solution, the AI FinCheck app will help financial institutions and wealth management firms derive actionable insights from their customer’s financial data in order to help these individuals measure, guide and improve their financial health.

The Envestnet | Yodlee AI FinCheck app provides specific, personalized insights that are dynamically and continuously updated for each user. Through a series of financial health indicators, the Envestnet | Yodlee AI FinCheck app tracks your customer’s finances across 4 categories to give them a holistic view of how they are doing – across spending, saving, borrowing, and planning categories. Financial institutions and advisors will also benefit from a holistic view into their customer’s financial health, allowing these firms to offer highly customized recommendations and tools that help to improve their customer’s financial wellness, including peer benchmarks from similar customer segments.

“Successful providers of financial wellness solutions understand that their biggest competitive advantage – and the key to retaining customers – is having an intimate understanding of clients’ financial wellness,” said Katy Gibson, Vice President of Product Applications at Envestnet | Yodlee. “With improved data aggregation, artificial intelligence models, and predictive analytics, we’re able to arm financial institutions and advisors with smarter, more personalized financial wellness solutions that deliver the actionable guidance needed – ultimately leading to increased customer engagement and profitability.”

“Envestnet | Yodlee’s Financial Wellness Solutions are developed in line with the Center for Financial Services Innovation (CFSI) industry-standard Financial Health Indicators in the areas of spending, borrowing, saving and planning,” said John Thompson, Senior Vice President at CFSI. “We believe that finance can be a force for good in people’s lives and are excited that Envestnet | Yodlee has adopted our framework to help shift the financial services industry towards improving consumer financial health.”