Envestnet | Yodlee Unveils AI FinCheck

Envestnet® | Yodlee® Unveils AI FinCheck – A New Artificial Intelligence-Driven Financial Wellness Assistant for Financial Service Providers

For many, the idea of managing their finances can be daunting as more and more consumers find themselves living paycheck-to-paycheck and with mounting student loan debt. This is especially true for Millennials, the largest generation in American history set to take over approximately 40% of the work force by 2022. As this group struggles to gain a foothold on their financial future, they also expect financial service providers to deliver more meaningful experiences to help them better manage their growing financial needs. For this generation, working and saving to achieve financial freedom and flexibility is becoming the new norm, and the idea is growing as millennials begin to dominate the workforce. Looking to meet the needs of this emerging generation, Envestnet | Yodlee has developed new AI-powered tools that automate financial management and help financial service providers deliver actionable guidance consumers need to improve their financial wellness. This new Financial Wellness Solution enables financial service providers to deliver AI-driven virtual financial assistance to digitally savvy consumers who want and need to improve their financial health. While empowering consumers to reach their financial goals, it provides financial service providers with an unprecedented opportunity to transform the customer experience and increase their share of wallet with this new and more engaged demographic. While traditional PFM solutions have provided valuable information for those that like to manage their budgets in a more traditional form factor, today’s Financial Wellness Solution actually coaches consumers toward true financial wellness by dynamically monitoring users’ financial data, measuring their financial health, and sharing actionable recommendations and tools that help automate and improve their finances. Integrated into the Financial Wellness Solution, are two new AI powered applications that help consumers obtain a real time diagnosis of their financial health, deliver actionable financial coaching and education and offer predictive cash flow capabilities that give consumers increased visibility into their upcoming financial obligations and future income patterns: AI FinCheck and OK to Spend.