Envestnet Data and Analytics, today announced that its Insights Engine for Banking (IEB) solution has been selected as “Best AI-based Solution for Financial Services” in the sixth annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market today.
The Insights Engine for Banking (IEB) leverages transactional data history augmented by AI and ML algorithms to generate customized insights for users and financial institutions (FI). These insights provide timely recommendations, can reduce costs, and democratize access to financial products to wide and diverse audiences.
At the core of IEB is the Transaction Data Enrichment (TDE) engine that leverages over a dozen AI models to generate 40+ attributes from any given transaction. Several data modeling solutions are then deployed to mine through billions of data points in order to identify spending and investment patterns. These attributes and patterns enable the solution to generate comprehensive, temporally evolving, and granular trends of an account based entirely on transactions.
The three-pronged solution evaluates every transaction to provide a microscopic view of that transaction, a time sensitive view as well as a macroscopic view. This allows FIs to make better decisions for product marketing, customer primacy evaluation, identifying at-risk customers and more, while account holders can utilize IEB for budgeting, spend simulation, peer benchmarking and more.
IEB’s insights can be quickly embedded or integrated into multiple platforms and the tech stack is deployed entirely on the cloud.
“We are currently working to expand the nature of the insights produced by the engine to make customization and access to more financial knowledge available for broader audiences. Further, by leveraging third party databases we intend to benchmark and strengthen the quality of the insights generated,” said Co-Founder and CEO of Envestnet, Bill Crager. “Thank you to AI Breakthrough for recognizing all the hard work that went into our solution. It was wholly designed in house with the objective of providing AI and data-driven personalization needed for FIs and consumers to easily find and access tools for their financial wellness.”
The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of AI and machine learning related categories, including Generative AI, Computer Vision, AIOps, Deep Learning, Robotics, Natural Language Processing, industry specific AI applications and many more. This year’s program attracted more than 3,200 nominations from over 20 different countries throughout the world.
IEB’s robust tech stack is a high-performance system that fills an important niche in the finance industry through AI. Customers today receive personalized recommendations across multiple domains and this degree of customization is still nascent in the financial industry with too much reliance on biased and incomplete customer surveys. Congratulations to Envestnet for winning the ‘Best AI-based Solution for Financial Services’ award. IED provides an incredible framework that offers near endless opportunities for FIs, service providers, and most importantly the customers.”James Johnson, Managing Director, AI Breakthrough.