Back to Blog

Envestnet | Yodlee’s AI FinCheck Takes Financial Wellness to a New Level

Data aggregation and analytics firm Envestnet | Yodlee bolstered its PFM capabilities this week with the launch of AI FinCheck.

The AI-powered financial wellness solution leverages consumers’ transaction data, AI, and machine learning to monitor users’ financial health and offer actionable financial guidance tailored to their circumstances. AI FinCheck, along with the company’s OK to Spend feature that offers forward-looking cash flow balance information, are offered as part of Envestnet | Yodlee’s financial wellness suite.

Vice President of Product Applications at Envestnet | Yodlee Katy Gibson said, “By expanding our Financial Wellness Solution to include the new AI FinCheck application, financial service providers can provide their consumers with a personalized virtual financial wellness assistant which delivers actionable insights to help improve their financial health.” She added that because the tool uses real-time data, it can help consumers make informed financial decisions.

For each user AI FinCheck offers automated, personalized financial health insights across users’ spending, saving, borrowing and planning habits. To keep users continuously engaged, the tool offers interactive insights on their preferred channel. This not only helps them improve their financial situation but also improves their relationship with the brand. Some of the features of AI FinCheck include:

  • Provides personalized guidance alongside education
  • Leverages actionable data to deepen customer relationships
  • Enhances Next Best Offer (NBO) strategies
  • Provides contextual recommendations and actionable next steps
  • Makes it easy to deliver a virtual financial wellness assistant quickly and cost-effectively

Other tools in Envestnet | Yodlee’s financial wellness suite include FastLink, which allows users to link external financial accounts and see all of their financial information in one place; Save for a Goal, which helps users set, achieve, and fund their financial goals; and Cash Flow Analysis, which allows users to view historic cashflow data and see forecasted flows for each month.

Envestnet | Yodlee recently demoed its Financial Health Check at FinovateFall last year in New York. At the start of this year, the company finalized its acquisition of wealthtech solutions company FolioDynamix. Last month, Envestnet | Yodlee teamed with Quovo and Morningstar to support open data access for consumers. Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee is a public company listed on NYSE under the ticker ENV. It has a market cap of $2.52 billion.