Consumers are stressing over their finances and financial future more than ever: How can they make more? How can they save more? How can they spend less? How can they save for retirement? There are literally thousands of financial service providers that can all help consumers improve their financial well-being, which makes it difficult to make the right choices.
It’s equally challenging for financial institutions and fintech companies that provide applications and services to help consumers achieve financial wellness. How can financial service providers stand apart from the crowd? And how can they provide the best advice for more of their clients and automate the process through technology?
There are plenty of financial tools providing the same advice we all received from our parents — save more than you spend; live within your means; create and stick to a monthly budget — but we’ve reached the point where consumers need specific advice that’s based on their own personal situation.
The Envestnet® | Yodlee® AI FinCheck delivers dynamic and personalized guidance for users, powered by our extensive data network, built from billions of transactions and trillions of dollars running through thousands of financial institutions.
Making Sense of Financial Advice via Artificial Intelligence
Artificial intelligence, once the purview of science fiction and action movies, is now a reality in data-heavy, process-heavy applications, like statistical analysis, medical research, and even financial transactions.
AI is able to examine millions and billions of data points, and find patterns and trends that consumers may miss, and predicting future patterns. Whether it’s a medical researcher compiling cancer research data or a financial advisor trying to understand a client’s spending habits, AI can quickly and easily process massive amounts of data at unheard-of speeds.
This is useful for wealth managers who want to provide financial advice to their clients or financial professionals who are advising clients on the best way to manage their own money. It helps fintech developers create apps that help users stick to budgets or meet financial goals, or even offer predictive analytics around a person’s finances.
We have even reached the point technologically that AI systems can do a lot of the heavy lifting, and create customized actionable items and financial strategies based on a person’s cash flow, spending history, and future cash income. Rather than a single financial advisor doing this for a small handful of clients, based on their amount of available time, the AI system can do this for hundreds of clients, which allows the advisor to give more personal attention to their most profitable clients.
It’s also possible to create chatbots where users can ask basic questions and receive helpful information and guidance. Consumers can get answers to questions regardless of the day and time, and work on their finances late at night or on the weekends, rather than waiting until Monday morning to solve their issues.
Learn More About Artificial Intelligence and Financial Health
To learn more about Driving Financial Health With AI, register here for our on-demand webinar on how AI FinCheck can track and score users’ financial health across four categories; make it easy for users to see where and how they can improve; get simple financial wellness recommendations; and enable financial advisors to connect closely with their customers and provide customized recommendations.