Your customers already know eliminating their morning Starbucks isn’t really going to solve their many financial challenges. To learn how you can deliver more meaningful and productive financial wellness solutions that create customer engagement and longevity, don’t miss out on this interactive VB Live event.

Register here for free.

“Financial guidelines today seem to be all about skipping Starbucks, and at the end of the month, you’ll save thirty bucks,” says Katy Gibson, VP of product management at Yodlee.

With a chuckle she adds, “My commute is two hours, and I find this assault on peoples’ coffee-drinking habits uncalled-for.” But behind the smile is a strong assertion that many personal financial management (PFM) solutions simply aren’t effective or meaningful to really help people better manage their finances.

“With PFM apps, there’s no forward thinking solutions which leaves users with the age-old questions, ‘so now what,'” Gibson says. “Today’s PFM solutions don’t tell you what to do about the information they’re presenting to you. You log in to your PFM solution and it says you’re out of money. If you have no forward-looking or predictive intelligence to guide you and advise you, when you come back a week from now, the results are going to be pretty similar.”

Traditional PFM tools take a rearview mirror view of finances — in other words, a lot of information on your past behavior and very little on how to improve your financial wellness.

For both Baby Boomers and Millennials, this massive data dump has deterred them from digging into their financial habits and finding real solutions that will allow them to improve their financial wellness.

“The big learning was that if people feel they’re in control of their day-to-day finances, that’s when they will allow you to talk to them about future financial habits. You have to earn their trust by helping them get to a place where they’re not so frazzled by info that just makes them feel bad about themselves.” Gibson says.

And with the reams of customer data that financial institutions have, they’re in a unique position to actually deliver on these expectations. They’re able to positively affect their customers’ financial wellness and security, far beyond the 30 dollars they could save if they made their coffee at home. “For instance, if a bank notices you have multiple student loans, it’s more impactful for that financial institution to help you consolidate those loans into a single loan, rather than just advise you that you’re spending too much money on coffee,” she explains.

This is an example that shows while cutting down on certain miscellaneous expenses may be a good step to take in general, it’s not going to significantly improve your financial wellness.

“What we’re working on at Yodlee is how we can truly use data analytics across our network to personalize experiences,” Gibson says, “and more importantly, to look at clusters of people and create personas across all of the key financial indicators, and then turn that into recommendations and insights, and personalized coaching.”

“Evolving PFM solutions to predictive, more personalized solutions is becoming more than just a nice-to-have,” Gibson adds.

“This kind of coaching and guidance not only improves customers’ finances, but this is what builds loyalty with institutions,” she says. “It’s important for the economy, for the social stability of the country, and it’s good for the financial institution or any institution that wants to serve these people.”

To learn how to turn your financial data into a competitive advantage and differentiate your offerings in the marketplace, don’t miss this interactive VB Live event.

Don’t miss out!

Register here for free.

In this VB Live event, you’ll:

  • Pivot the drivers of change and the evolution of PFM in banking
  • Improve customer interaction with financial wellness solutions
  • Use predictive analytics and AI to deliver more personalized and engaging financial wellness applications
  • Drive customer loyalty and engagement with the next wave of financial wellness solutions


  • Katy Gibson, VP Product Management, Envestnet | Yodlee
  • Keith Armstrong, Co-founder and Chief Operating Officer,
  • Colin Walsh, CEO and Co-founder, Varo Money
  • Evan Shuman, Moderator, VentureBeat

    This VB Live event is sponsored by Envestnet | Yodlee.