EarnUp Launches AI Advisor

The industry’s first-ever context-aware conversation agent instantly analyzes users’ real-time banking and credit data to answer complex financial questions and provide tailored product recommendations

SAN FRANCISCO, July 30, 2024 – EarnUp Inc., a financial wellness fintech company, announced today its newest product, AI Advisor, the industry’s first and only always-on AI-powered financial guru that helps to automate end-to-end consumer financial wellness. From expert advice to seamless execution, AI Advisor provides financial institutions with the ultimate customer engagement tool.

Powered by sophisticated artificial intelligence, AI Advisor empowers users with hyper-personalized insights and guidance, enabling them to make informed decisions to achieve their financial goals. It does this by instantly analyzing the user’s real-time banking and credit data to answer complex financial questions with personalized, actionable answers, including tailored product recommendations. An autonomous AI chatbot solution to supercharge customer engagement, AI Advisor ensures that every user, regardless of their financial background, can benefit from expert-level advice and support and realize a stronger, more financially resilient future.

“In today’s competitive landscape, banks must leverage AI to deliver real value to customers,” said Clark Khayat, Chief Financial Officer of KeyBank. “EarnUp’s AI Advisor goes beyond traditional budget-tracking apps by analyzing financial accounts and providing personalized, actionable insights. This empowers financial institutions to engage in more meaningful interactions, ensuring customers receive the guidance they need to achieve their financial goals.”

What sets AI Advisor apart is the ability to understand and interpret the context of a query and respond with an actionable solution, including product offers such as HELOCs, cards, and consolidation loans.

Key features of EarnUp’s new AI Advisor include:

• Discreet & Private: Allows users to maintain their privacy when disclosing and discussing sensitive information with an expert.
• Modern Communications: Supports Millennial & Gen Z users who prefer digital and conversational interactions for managing their finances.
• Personalized Financial Guidance: Provides users with tailored financial guidance and actionable insights based on their individual financial situation.
• Autonomous Guidance: Provides proactive guidance to users based on their changing financial data.
• 24/7 Support: Round-the-clock access to ensure users have access to financial guidance and support whenever they need it.
• Increases Engagement: Encourages proactive financial management through interactive conversations.
• Increases Services: Automates inquiries and tasks, freeing up staff members for other assignments.
• Enhances Financial Literacy: Educates users on financial wellness topics, empowering them to effectively manage their finances and improve financial health.

EarnUp AI Advisor is uniquely positioned to help financial institutions address key challenges, including retaining borrowers, cross-selling loans and other products, capturing deposits, and closing more loans. It achieves this by assessing users’ financial situations and providing actionable steps to solve their problems. For example, EarnUp AI helps users become mortgage or loan-ready, improve their overall financial health, and save for financial goals. The result is valuable data that financial institutions can use to close more loan products, capture more deposits, and retain more members and customers.

With a track record of helping nearly three million borrowers achieve financial freedom over the past decade, EarnUp AI Advisor represents the next step in comprehensively assisting individuals.

Manish Garg, SVP, Product and Technology for EarnUp, adds, “AI Advisor goes beyond a Q&A chatbot. Our next-gen conversational AI solution provides frictionless access to personal information, tools, and products across any device. Featuring a white-label, customizable UI and pre-trained Large Language Models with advanced NLP and NLU, our agent excels in gathering financial information and leveraging Retrieval Augmented Generation (RAG) for accurate, contextual, and up-to-date answers. While simple chatbots struggle with complex inquiries, our AI-powered conversation agent adeptly handles nuanced financial questions, delivering more meaningful interactions and context-rich responses.”

AI Advisor’s SSO integration also ensures a seamless experience for users, allowing financial institutions to more strongly position themselves as modern and tech-savvy and foster a deeper connection with members and customers, especially with a younger demographic. Financial institutions can also increase service offerings without requiring more resources. Teams are not burdened with additional responsibilities and can, instead, focus on what they do best.

“Our mission is to democratize access to actionable information that will improve financial wellness,” said Nadim Homsany, Co-Founder and CEO of EarnUp. “This is especially critical 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.”

Homsany continued, “Rather than simply declining applicants who may not be ready yet – which not only discourages individuals but also leads to avoidance – financial institutions can engage them by providing meaningful and encouraging guidance with steps for how to improve their financial standing. Financial institutions not only build relationships with prospective borrowers, but they also build their own pool of qualified applicants in a way that lowers risk. At the same time, they’re better able to support their communities and individuals who may not have access to expert-level advice. Advisor AI is truly revolutionary and a win-win for both financial institutions and their customers.”