eGain Virtual Financial Coach™: AI-Powered, Conversational Financial Advice for All
Consumers are struggling financially
- 36% of Americans would struggle to pay for an unexpected expense of $400 (Source: Federal Reserve)
43% of households report that someone lost a job or took a pay-cut because of virus outbreak (Source: Pew Research)
Millennials, the biggest demographic group, have a net worth that is 40% less than what Gen X had at the same age (Source: Federal Reserve)
Consumers want financial advice but can’t get it
- 78% of US consumers want financial advice (Source: J.D. Power)
- 83% are not able to get such advice (Source: CNBC)
Financial counseling is expensive and difficult to find
Your customers are crying out for financial advice. Improving their financial health is good for them and good for you. But how do you deliver quality financial advice cost-effectively and at scale, while complying with regulations and not coming across as a product pusher?
What is eGain Virtual Financial Coach?
eGain Virtual Financial Coach is powered by award-winning AI and Machine Learning and leverages decades of eGain innovation in digital and knowledge technologies. Infused with your customer’s TransUnion credit data plus counseling best practices from GreenPath, a non-profit leader in financial advice, the automated service provides conversational guidance on strengthening credit, paying down debt, and increasing savings. It engages customers with proactive nudges and continuous coaching. This personalized “coaching” enables financial institutions to provide precise advice and also keep consumers on their wellness track through behavioral nudges and encouragement over time.
Best of all, the service is turnkey. And when we say turnkey, we mean it. You can activate the service in a matter of minutes!
Benefits for the customer
- Discreet, personalized, trusted advice to improve financial health through digital conversations
- Reduces financial stress by 35%, based on user feedback
- Keeps consumers on track through ongoing coaching and motivation
Benefits for the institution
- Boost top line by coaching customers to better financial health
- Deliver quality financial advice cost-effectively and at scale
- Reinforce brand loyalty and differentiate
- Personalized Advice: The customized guidance and action plans are rated as achievable by 80%+ of coach users
- Proven Expertise: Leverages GreenPath’s financial counseling expertise and TransUnion’s credit insights
- Conversational: Free of intimidating financial jargon, while ensuring compliance
- Motivational: Uses behavioral techniques to encourage and celebrate progress
- Digital Follow-up: Ensures customers stay on the wellness track with messaging reminders