Debt pay down platform EarnUp announced the launch of its AI-powered financial wellness tool, AI Advisor, today. The new solution will help financial institutions offer their consumers personalized financial guidance.
AI Advisor is a chatbot that offers users hyper-personalized insights and guidance to help them make informed financial decisions to achieve their goals. It does this by accessing and instantly analyzing the user’s real-time banking and credit data to offer personalized, actionable answers to their financial questions regarding HELOCs, cards, consolidation loans, and more. By combining a user’s current financial situation with their questions, AI Advisor can also offer tailored product recommendations.
Using an approachable chatbot as the communication engine, EarnUp seeks to ensure that every user, regardless of their financial background, benefits from its advice to create a more financially resilient future.
“In today’s competitive landscape, banks must leverage AI to deliver actual value to customers,” said KeyBank Chief Financial Officer Clark Khayat. “EarnUp’s AI Advisor goes beyond traditional budget-tracking apps by analyzing financial accounts and providing personalized, actionable insights. This enables financial institutions to engage in more meaningful interactions, ensuring customers receive the guidance they need to achieve their financial goals.”
By using AI Advisor, banks may be able to retain borrowers, cross-sell loans and other products, capture deposits, and close more loans. This is because banks can utilize AI Advisor as a tool to advise consumers on how to improve their financial situation so they are prepared to apply for a loan or credit card. By collaborating with the consumer instead of rejecting them outright, banks will also build lasting relationships with them.
“Our mission is to democratize access to actionable information that enhances financial wellness,” said EarnUp Co-Founder and CEO Nadim Homsany. “This is especially crucial as interest rates remain high, and borrower debt repayment capacity diminishes. In fact, a recent Bankrate survey found that over half of applicants have been denied for a loan or credit since the Fed began raising rates.”
Since its establishment in 2015, EarnUp has helped nearly three million borrowers reach financial freedom. The company views its AI Advisor tool as the next step to assist individuals in achieving their financial goals.
Photo by Ashley Batz on Unsplash
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