Envestnet | Yodlee announced the launch of its Personal Financial Wellness Solution at the Digital Banking Summit.
The Envestnet | Yodlee Personal Financial Wellness Solution is a suite of applications and APIs that leverages enriched data and artificial intelligence to move beyond organizing historical financial data, helping financial institutions and fintech developers provide actionable, financial guidance to their customers across a spectrum of devices, user interfaces and platforms.
The Envestnet | Yodlee Personal Financial Wellness Solution enables financial institutions and fintech developers to provide actionable tools to help consumers identify their projected OK to Spend balance and easily Save for a Goal.
By applying Envestnet | Yodlee's advanced data intelligence to its enriched transaction data of over 15,000 data sources, financial service providers can derive actionable information from consumers' financial data in order to measure, guide and improve consumers' financial health.
OK to Spend
Core to the Personal Financial Wellness Solution is OK to Spend, which synergizes predictive analytics and user feedback to deliver smart financial forecasting. OK to Spend can be consumed as a financial application or a fully RESTful API framework that enables financial service providers to create forward-looking forecasts that organize and predict recurring income and financial obligations along with personalized notifications for financial events and projected balances. OK to Spend analytics is run across the consumers' primary spending accounts regardless of which financial institution they primarily bank with, in order to provide a holistic view of their finances.
Patent-protected machine learning and data analytics enable the OK to Spend algorithms to identify sources of recurring income and accurately predicts future income, accounting for anomalies. Similarly, OK to Spend identifies recurring and forecasted financial obligations, while accounting for fluctuations determined from historic data.
Save for a Goal
The Save for a Goal application allows consumers to easily set and track savings goals.
The application facilitates money movement across different accounts at a specific time frequency and allows customers to better track their goals by allowing consumers to allocate multiple goals to a single account, or spread a single goal across multiple cash and investment accounts.
Save for a Goal provides visual data and notifications such as progress bars, charts, graphs and alerts, engaging customers with the option to flex and prioritize between goals.
"Relationship-based banking has been the key to success and customer loyalty for financial institutions for years.
As more consumers continue to use digital channels, they're expecting banks to offer personalized user experiences that helps them reach their financial goals," said Katy Gibson, VP of Product Applications at Envestnet | Yodlee.
"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."
