Life and technology are becoming inseparable, with services like Amazon Alexa providing on-demand insights and forward-looking advice through the data we willingly provide to them. When it comes to leveraging that data to guide consumers in achieving financial balance and wellness, however, this type of simple, digital personalized guidance is lacking. This is surprising given that financial stress is the number one culprit for stress for 7 out of 10 American workers and almost half of us have trouble paying a $400 emergency expense.
Envestnet | Yodlee, a data aggregation and analytics platform for digital financial services, has 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.
As financial institutions look for ways to sustain valuable customer relationships, they should look beyond historical transaction data to provide valuable forward-looking insights & advice. The solution enables financial institutions and fintech developers to provide actionable tools to help consumers, like OK to Spend. By applying their data intelligence to its 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.
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