Technology based financial advisory startup, Hellowallet has announced a partnership with Cleaveland based Keybank. Hellowallet which launched in 2009 has distributed its PFM platform to employers to offer their employees as a benefit. By adding banks to its distribution partners, the startup will reach more users, the startup told Finovate.
HelloWallet is demoing the artificial intelligence they’ve developed to proactively influence and improve their members’ financial behaviour. Using multi-imputation simulation technology, a stochastic optimization model, and research-informed behavioral strategies, HelloWallet provides its members with individualized, practical guidance to drive up savings and reduce debt. They also have a data visualization technology that enables members to view their entire financial future, including important milestones, net wealth at different life-stages, and the future values of all of their assets and liabilities.
Matt Fellowes, co- founder of HelloWallet stated about the partnership: “Our goal is to democratize access to financial guidance for all Americans. Working with KeyBank is a tremendous opportunity to offer the bank’s clients consistent, personalized guidance so they can feel confident in their ability to make well-informed financial decisions.”
Matt was named chief Innovation Officer at Morningstar recently.
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Keybank will use HelloWallet to offer customers a free financial health score, ranging from 1 to 100. The scores assess users’ financial health and allow them to compare themselves against peers. HelloWallet will also offer external account aggregation, a first for KeyBank. By adding external bank account information, customers will see a full picture of their overall finances.
HelloWallet which provides independent, technology-based wealth-boosting services to employees of Fortune 500 companies and other large institutions, claims to have achieved take-up rates 5x those of existing financial advice providers, found an average of $1,200 in savings for their members, and increased net wealth by $2,135, an equivalent of a 3% raise in over an average of 3 months.
They will roll out their new services in partnership with Keybank in phases over the year.
(image credit: Nicolas Eckhart)