Envel bank launches “driverless” money management tech

via FinTech Futures

Envel, a challenger bank created around the use of artificial intelligence (AI) targeting millennials and Gen Zs, is launching a “Driverless Banking” framework that automates the steering of customer finances in real-time to stabilise spending.

The bank’s autonomous framework couples with Banking-as-a-Service (BaaS) solution Cambr, while using behavioural insights to centralise money management activities spread across multiple apps, platforms or services.

Steve Le Roux, founder and CEO of Envel, says: “Autonomy helps solve a number of problems and is very much a part of our future; from driverless cars to e-commerce, autonomous services will enable people to do more interesting things by saving time on seemingly mundane or repetitive tasks.”

Envel was founded at Harvard with pre-seed funding from the MIT Sandbox, with the aim to allow users to have more control over their finances with the ability to turn their account onto “autopilot”.

Through its Envel Money Management System, each user’s “Spending DNA” is defined and tracked by a system that learns individuals’ habits over time and automatically adjusts account splits and friction accordingly, organising a user’s income into four main divisions: capital for savings, contingency for emergency expenses, bills, and spending for guilt-free use.

“The traditional checking account is just so dated,” says Le Roux.

Cambr, supported by StoneCastle and Q2, is a full-stack financial services toolkit that allows non-banks to rapidly build and scale banking services.

It integrates the StoneCastle Deposit Network, a deposit platform of more than 800 community banks across the country, with Q2 Open’s CorePro digital processing platform.