The World's first AI Consumer Banking service to improve Financial health
Redefining Consumer Banking
We believe through our research, unique systems and true understanding of how microeconomics can be optimized, we are able to achieve a feat the industry is yet to witness.. That is to slowly nurture the population to greater financial prosperity.
Incumbent banks operate much as they did 200 years ago. They're focused on safeguarding your money that is in the best interest of the bank, not for the customer.
For instance, if the customer borrows more and continues to pay interest, they are rewarded with more borrowing. We believe that this is not financially wise, economical or socially responsible. The American population has accrued over $1 trillion credit card debt and shows no signs of slowing.
As you're aware, eligibility for preferential interest rates from lenders are based on a Credit Score system. This is based on management of debt, not on financial prudence.
By 2020, digitally-enabled millennials will account for 30% of global spend, $1.4 trillion in the US. They will be quick to reject brands not relevant to their needs. The average US population savings rate is 4.4% in 2014 down from 10.5% in 2012, Millennials savings rates are at -2%!
The Millennial reality
- 22% feel overwhelmed about their finances
- 70% are stressed and anxious about saving and retirement
- 76% lack basic financial knowledge
- 70% say they know someday they will need to be more financially secure but don’t know how to get there
Source: FINRA Millennial Survey: 3 yearly survey, Bank of America Merrill Lynch
Some challengers are attempting to address customers' needs by building a bank they say focuses on the customer. However, few go far enough as this is simply “putting lipstick on a pig”. Even if finances may be monitored automatically, they paint a bad picture of the past and fail to manage for the present and future.
How the Banking Sector is Evolving
Banking 1.0 – High street banks
IMost analysts argue that incumbents are not particularly interested in helping customers avoid debt but rather capitalise by providing credit services at high rates of interest.
Banking 2.0 – Digital banks
The newer generation of what we call "Neo or Challenger banks" do much of the same as above. Their technology looks great but without driving clear and effortless financial decision making, it is for the most part pretty graphs in the rear-view mirror, reflections of how badly customers have spent.
Banking 3.0 – Automated banking
The next generation of banking provides automation for the consumer, so they do not have to be financially literate nor worry about their finances every moment of the day.
But what if we could do this now?
The answer is with Envel
Our service is like a 'Sat Nav' for banking; we manage your money autonomously and in real-time, so you can just go about your day with the comfort of knowing you are increasing your savings, paying your bills, spending within your means and continuously improving your financial wellbeing.
Why invest in Envel?
- Customers are in great need of more effective financial guidance
- Banks are reluctant to offer sufficient assistance but instead feed financial instability
- We’re offering a banking experience that sets us apart from the rest
- After extensive research, we’ve built a powerful platform never before seen in the global market
- Dubbed the ‘Sat Nav for Banking’, Envel Bank’s mission is to improve our customers’ Financial Health and help increase their net-worth
- Our systems are driven by machine learning and AI to manage customers’ finances autonomously with near zero effort and in real-time with rock solid security features
- We make the economics work well for both the customer and our business
- World class team and advisors from Harvard, MIT and Top 20 Global Banks
- Our market research at Harvard has indicated that 96% of low income earners and 67% of middle income earners would switch to a bank with this offering
- Our aim is to generate more Capital/PA per Capita than any other and we want you to join us in growing this exciting initiative quickly