Envestnet | Yodlee Takes Home FinovateFall 2017 ‘Best of Show’ Award
It was an award winning night as Envestnet® | Yodlee® took home a Best of Show award at the FinovateFall 2017 conference in New York. The conference saw nearly 80 companies presenting and we were pleased to win for the demonstration of our vision for the Envestnet | Yodlee Artificial Intelligence FinCheck app. This app is part of our larger Personal Financial Wellness solution.
After two action-packed days of companies demoing their new technologies, FinovateFall attendees casted votes for their favorites and seven Best of Show winners were selected – all with disruptive financial innovations solving some of the most difficult challenges in our financial lives. Below is a snapshot of each winning company:
- Envestnet | Yodlee for its Financial Health Check that leverages account and transaction-level data to measure and score overall financial health across multiple dimensions including spending, savings, borrowing, and planning.
- Finn.ai for its Virtual Banking Assistant, powered by artificial intelligence and available via channels ranging from Facebook Messenger to Amazon Alexa, which makes everyday banking simple and easy for customers.
- Jiffee for its tap & pay mobile technology that turns any device into a payment terminal, enabling consumers to pay anywhere and everywhere without relying on plastic credit and debit cards.
- Sensibill for its +Pulse solution that helps spot revenue opportunities from on- and off-card purchase data, providing a targeted prospect list for personalized, in-app campaigns.
- SpyCloud for its monitoring and alert service that helps organizations better understand their employee and customer digital footprints by giving them visibility into their exposed credentials actively being traded in the underground.
- Sustainably for its social good platform for consumers and businesses that turns the spare change from shopping into micro-donations to philanthropic causes.
- Voleo for its social trading app that makes it easy for people to invest together, saving time and money, while simultaneously leveraging the collective wisdom of networked investors to pursue market-beating returns.
We were happy to share the stage with companies that have created innovative solutions for social trading, tap-and-pay mobile payment technology, personal data monitoring, and even a virtual banking assistant.
Here’s what David Penn at FinovateFall said about the best of show winners: “These are the technologies that we increasingly turn to for help when it comes to saving and investing for the future, working better and more efficiently with our banks and credit unions, and safeguarding our property, our financial transactions, and even our identities against fraudsters, hackers, and other malevolent actors.”
Regarding the vision for our demo, Envestnet | Yodlee AI FinCheck will help financial institutions and wealth management firms analyze their customers’ financial data by examining four different categories: Planning, Spending, Saving, and Borrowing. This happens by applying our data intelligence to our enriched transaction data from over 16,000 data sources.
Banks and wealth advisors will then be able to create actionable insights that help each user measure and improve their financial health by comparing a user’s performance to their relevant peer group. The results are a scoring model that offer specific recommendations personalized for each user, but are based on what’s appropriate for that peer group.
The peer groups comprise people of similar ages, income levels, and spending habits. This way, we’re not comparing an executive’s financial health and circumstances to a new professional’s; the recommendations are appropriate for each person’s life circumstances.
And each customer’s health scores change as their behaviors change, which gives financial institutions and wealth advisors the latest information they need to help their customers. This way, banks can create the personalized experiences that Millennials customers are seeking from their banks and financial advisors.
To learn more about our (newly) award-winning AI FinCheck app, please visit yodlee.com/fincheck.