Envel, a Boston, Massachusetts-based world’s first AI-powered challenger bank that primarily focuses on catering to needs and demands of the millennials and Gen Zs, as per recent reports, has announced to launch a “Driverless Banking” framework that automatically optimizes customer finances in real-time to stabilize online spendings.
The Boston-based bank’s autonomous framework coupled with Cambr, a Banking-as-a-Service (BaaS) solution, leverages customers’ behavioral insights to centralize money management spread across multiple apps, platforms or services.
Steve Le Roux, founder and CEO of Envel, states: “Autonomy helps solve a number of problems and is very much a part of our future; from driverless cars to e-commerce, autonomous services will enable people to do more interesting things by saving time on seemingly mundane or repetitive tasks.”
Envel, a Harvard founded and MIT Sandbox pre-seed funded challenger bank, aims to provide increased control to users over their finances, enabling them the ability to turn their account onto “autopilot”.
Through the bank’s Envel Money Management System, each individual user’s “Spending DNA” is defined and tracked by an AI-optimized engine that continually learns individual habits over time and automates account splits and friction accordingly, thus categorically organising the user’s income into four main sub-divisions: capital for savings, contingency for emergency expenses, bills, and spending for guilt-free use.
“The traditional checking account is just so dated,” adds Le Roux.
Cambr, backed by StoneCastle and Q2, is a full-stack financial services toolkit that enables non-banking organizations to rapidly build and scale banking services. Furthermore, the financial services toolkit, by integrating the StoneCastle Deposit Network – a deposit platform comprising of over 800 community banks across the country – with Q2 Open’s CorePro digital processing platform.