Envestnet/Yodlee unveil AI FinCheck

Leveraging enriched transaction data, artificial intelligence and machine learning, the enhanced Envestnet | Yodlee Financial Wellness Solution dynamically monitors consumers’ financial health and provides actionable financial guidance across a spectrum of devices, user interfaces and platforms. New data intelligence enhancements include full integration of Envestnet | Yodlee’s new award-winning AI FinCheck application and the availability of OK to Spend predictive cash flow application and API.

“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,” said Katy Gibson, Vice President of Product Applications at Envestnet | Yodlee. “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.”

AI FinCheck
Envestnet | Yodlee’s AI FinCheck application not only helps consumers improve their financial health and reach their financial goals, but also offers financial service providers the opportunity to improve customer experience and grow share of wallet. The award-winning AI FinCheck app enables specific, personalized insights that are dynamically updated for each user based on key indicators of financial health across four categories: spending, saving, borrowing and planning.

Millennials and Gen Xers, who account for nearly 72 percent of total US digital banking users, are looking for digital services that leverage machine learning and AI to provide them with contextual, actionable, and personalized guidance. In a 2018 AITE research study, 79% of 22-34 year-old consumers and 77% of 35-49 year-old consumers were extremely, very or moderately interested in using a virtual financial wellness coach.

The Envestnet | Yodlee Virtual Financial Wellness Solution leverages tools across the Envestnet | Yodlee Financial Data Platform, including aggregation, transaction data enrichment and analytics, APIs and partner integration. By providing a seamless, interactive experience across preferred channels, including digital and mobile, the Envestnet | Yodlee AI FinCheck will encourage customers to actively engage with financial service providers on an ongoing basis, deepening relationships and helping drive positive outcomes.

Recognized by CFSI as a 2018 Financial Health Leader, Envestnet | Yodlee and its expanded suite of financial wellness applications and APIs provides financial institutions, wealth management firms and fintech developers with the necessary tools to create a digital engagement experience for customers, by simplifying and automating day-to-day financial management and long-term financial planning.