Finvence I&E is an intelligent cloud-native platform which delivers an automated and ultra-precise Income and Expenditure (I&E) budget and true affordability assessment of consumer finances. It is one of the only financial assessment tools which can simultaneously ingest and process both Open Banking data and Bank Statement documents to deliver a complete 360o view of a consumer's spending behaviour without relying on volunteered input from the individual themselves.
Our proprietary AI-power categorisation algorithms have been trained on millions of bank transactions from individuals in debt solutions and financially distressed situations. This makes Finvence I&E one of the leading platforms able to identify, in advance, financial crisis events and is an early warning system for firms so that pro-active interventions can be taken to course-correct high-risk and vulnerable individuals who are on a negative financial trajectory.
For financial firms, Finvence I&E delivers a host of cost saving and value-add benefits such as:
- >60% OPEX saving in delivering a precise budget and affordability assessment
- Reduction in arrears, missed payments and breakages of debt and financial management plans
- Rich evidence-based insights into spending patterns and automated alerts of high risk behaviour
- Volume scalable without compromising accuracy
- Consistent and standardised process across departments and individual staff members
- Modular and fully integratable into a firm's central CRM or ERP system
- Enhanced consumer-care and customer satisfaction through individualised insights and saving opportunities
