Envel's digital banking service autonomously guides account holders' income and spending in real time to help them track and build wealth

Fintech startup Envel is using artificial intelligence to combat the traditional banking roadblocks that today's young people face, due to unsteady income and student debt. With Envel's “driverless banking” platform, customers receive an analysis of spending habits, payment patterns and other pertinent financial activities, monitored in real time so they can keep perfect track of their expenses.

The autonomous analysis helps Envel create a financial model organized into four categories: Capital/Long-term savings, Contingency/Emergency cash, Bills Predicted for the month and Spending/Guilt free allowance. This way, account holders can check their balance daily and make sure to spend only what's allotted for that day.

Envel also offers a solution to overdraft fees, which can be particularly relevant for younger, college-aged customers: Instead of using the bank's money to pay them, Envel loans the money to the customer. Finally, the service provides an easy-to-follow scoring system geared towards helping Gen Z and millennials manage their finances.

Envel


Lead image: stock photos from/Monkey Business Images/Shutterstock

Fintech startup Envel is using artificial intelligence to combat the traditional banking roadblocks that today's young people face, due to unsteady income and student debt. With Envel's “driverless banking” platform, customers receive an analysis of spending habits, payment patterns and other pertinent financial activities, monitored in real time so they can keep perfect track of their expenses.

The autonomous analysis helps Envel create a financial model organized into four categories: Capital/Long-term savings, Contingency/Emergency cash, Bills Predicted for the month and Spending/Guilt free allowance. This way, account holders can check their balance daily and make sure to spend only what's allotted for that day.