For a long time, new market entrants found it difficult to break into the financial services industry. FinTech disruptors have been finding a way in. Disruptors are fast-moving companies, often start-ups, focused on a particular innovative technology or process in everything from mobile payments to insurance. And, they have been attacking some of the most profitable elements of the financial services value chain. This has been particularly damaging to the incumbents who have historically subsidized important but less profitable service offerings.
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.