The Virtual Financial Coach provides trusted, empathetic financial guidance and advice at scale through eGain’s award-winning AI technology
GreenPath Financial Wellness, a national nonprofit that provides financial counseling and education, and eGain, a leading customer engagement platform provider, have launched the Virtual Financial Coach™, a unique, turnkey solution for financial counseling automation. Deployable by banks and credit unions in minutes, the secure digital tool offers personalized financial advice 24×7 to people on any smart phone or computer. It uses eGain’s digital engagement automation technology, powered by Artificial Intelligence (AI) and Machine Learning (ML), to deliver GreenPath’s trusted and empathetic financial guidance at scale.
Even before the onset of COVID-19, 40% of American consumers would struggle to pay for an unexpected expense of $400, according to a Federal Reserve study, and the situation has gotten worse with the pandemic. Millennials, the largest demographic group, have a net worth that is 40% lower than that of what Generation X had at the same age2.
“Now more than ever, people need tools that meet them where they are in their financial journeys,” said Kristen Holt, GreenPath’s President and CEO. “The Virtual Financial Coach offers individuals flexibility to pursue discreet, judgment-free financial guidance at any time, in any place.”
Recognized as a finalist in CreditUnions.com’s 2021 Innovation Series, the Virtual Financial Coach mimics human financial counselors, providing personalized advice through virtual assistance and digital messaging, based on the individual’s specific situation and goals. It delivers bite-sized action steps and motivational nudges to encourage progress and celebrate success. Leveraging AI and ML, the tool provides advice on a variety of user goals, including recommendations on how to improve one’s credit score, move forward after a credit decline, pay down debt, and build healthy financial habits.
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“This partnership combines eGain’s AI technology with GreenPath’s proven advice to offer consumers a unique digital financial coaching experience,” said Ashu Roy, eGain’s CEO. “Users receive empathetic coaching to help them establish financial goals and identify actions they can take to reach them.”
The solution reduces the stigma associated with seeking financial advice with discreet and secure digital communication. Users can stop engaging with the Coach at any time and pick up where they left off later. At the right time, the Coach offers opportunities for users to connect directly with a GreenPath expert for one-on-one personal assistance with credit, housing, or debt management issues.
“The Virtual Financial Coach leverages GreenPath’s 60 years of experience delivering caring, clear and concise financial guidance to millions of Americans,” Holt said. “We’re still here to provide the live one-on-one counseling GreenPath is known for, and we’re excited to offer this additional service to individuals looking for an anytime digital financial coaching tool.”
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GreenPath and eGain are piloting the Coach with more than 40 of GreenPath’s credit union and bank partners. The tool is already receiving rave reviews. Focus group participants shared positive feedback describing the Coach as “fast, helpful and practical” and of particular benefit to individuals hesitant to speak with someone live.
“This Virtual Financial Coach increases access to critical credit education, day or night,” said Helen Gibson, Vice President of Strategic Operations for Denver Community Credit Union. “Plus, it allows members a safe and private approach to a conversation about credit.”
“The Virtual Financial Coach offers transformational business value to financial institutions,” added Evan Siegel, VP Financial Services AI at eGain. “It can help them attract new customers, especially millennials, and wow them with a one-of-a-kind coaching experience, while enhancing brand loyalty.”
