Today’s consumers want financial wellness tools that help them proactively manage their money. Join this VB Live event to learn how the industry’s most innovative companies are using artificial intelligence (AI) and machine learning to build the kind of financial solutions and apps to attract and engage today’s evolving consumer.  

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Traditional personal finance management tools don’t hold consumer interest because they don’t offer what customers are really looking for, says Tiffani Montez, retail banking senior analyst at Aite Group, a research and advisory firm specializing in the financial services industry.

“So what’s next?” she asks. “Banks and credit unions are asking if there’s a way to rebuild the tools we have today to drive true engagement with the customer.”

An Aite Group study finding has the answer. More than 75 percent of 22- to 49-year-old consumers are interested in this kind of advice and guidance around reducing debt, achieving savings goals, and tracking their finances, as well as optimizing their overall financial health.

“But current personal financial management tools are just telling you what has already happened,” says Montez. In other words, it’s a static snapshot of a consumer’s finances. A glance tells you if you’re meeting or exceeding your budget, and where you’re spending your money.

“But what these tools don’t show is how an individual makes decisions in their everyday life, how and where they’re spending money, and how that impacts their financial goals,” she adds. “How do the decisions you make right now to purchase something impact your ability to pay off debt? Or to save money? Or even to improve your credit score?”

Traditionally that means going into a branch to talk to a personal banker, but AI-powered personal finance management tools are changing the game.

“A huge opportunity for the banking industry is to take all the technology today that falls under the AI umbrella and deliver personalized financial advice that really helps a consumer improve their financial wellness,” Montez says. “There’s more data now than there ever has been, and when you start to couple that with things like AI and machine learning, you’re able to move from a mass banking experience to a one-on-one personalized experience.”

Having virtual financial wellness also means that you’re catching consumers earlier in the funnel, guiding the everyday decision-making that impacts their financial goals. But that doesn’t mean that the face-to-face personal relationship with consumers will end, Montez explains. Rather, this deeper engagement will improve those interactions, and even create more opportunities.

“If you start to educate people more and more about finances and how they’re doing in terms of meeting their goals, you’ll naturally drive more interactions to personal bankers or advisors,” she says. “People are going to understand at what point they should be talking to someone.”

AI-powered tools can already project cash flow and balance projections. But as financial institutions start overlying some of the traditional sources of data, such as credit card transactions, debit card transactions, payment information, bill information, the insights you’ll be able to deliver to customers will grow increasingly sophisticated and actionable.

“With AI trending toward the mainstream this is a financial institution’s opportunity to reinvent how they deliver personal financial management tools,” Montez says. “To really be able to create an increasingly sophisticated interactive experience that will allow consumers to take control of their finances.”

To learn more about leveraging the opportunities AI is bringing to financial institutions, and increasing customer satisfaction and engagement, don’t miss the VB Live event.

Don’t miss out!

Register here for free.

Attendees will also learn:

  • How AI and machine learning are powering today’s financial wellness tools
  • Recent research from Aite Group on financial wellness tools and virtual financial wellness coaches
  • How digital tools, chatbots, and interactive assistants can revive the concept of traditional personal financial management (PFM)
  • How to use an API to gain insight and deliver actionable advice
  • How to leverage data intelligence to build apps and solutions that help users improve their financial health


  • Katy Gibson, VP of Application Products, Envestnet | Yodlee
  • Keith Armstrong, Founder and COO,
  • Tiffani Montez, Retail Banking Senior Analyst, Aite Group
  • Evan Schuman, Moderator, VentureBeat

Sponsored by Envestnet | Yodlee