Envestnet | Yodlee has launched its Personal Financial Wellness Solution, billed as a suite of applications utilizing data aggregation and artificial intelligence to help financial institutions and financial technology developers provide actionable guidance to their customers across multiple devices, user interfaces and platforms.
By using its analytics functions touching on more than 15,000 data sources, financial service providers can gather actionable information from clients and use it to develop best-practices roadmaps toward financial health. The solution also offers various tools designed to help users pinpoint their “OK to Spend” balance, as well as components that help investors come up with a plan to “Save for a Goal.”
The OK to Spend function is designed to forecast financial obligations and recurring income based on historical data, while accounting for anomalies. It runs analytics across consumers’ primary spending accounts including cash and credit cards regardless of which financial institution they primarily bank with. It uses predictive analytics, patent-protected machine learning capabilities, and user feedback to deliver financial forecasting.
The Save for a Goal function helps users track savings goals by facilitating money movement across multiple accounts at specific time intervals. Consumers can also allocate multiple goals to a single account. It also provides visuals and notifications including progress bars, charts, graphs and alerts.
“Relationship-based banking has been the key to success and customer loyalty for financial institutions for years,” says Katy Gibson, vice president of Product Applications at Envestnet | Yodlee. “As more consumers continue to use digital channels, they’re expecting banks to offer personalized user experiences that help them reach their financial goals. By using the Envestnet | Yodlee Data Intelligence Platform, our goal is to empower financial service providers to create personalized and actionable insights and recommendations for consumers. Helping consumers meet their financial goals is the best way to build lasting customer relationships.”
For more information on the Envestnet | Yodlee Personal Financial Wellness Solution, visit Yodlee.com.