ATLANTA, GA--(Marketwired - Apr 25, 2017) - Wela today announces its free mobile app changing the way financial advice is delivered by pairing real financial advisors with Artificial Intelligence (AI) through the personification of its digital advising algorithm, Benjamin. The first true digital advisor, Benjamin utilizes AI to track users' daily, weekly and monthly spending habits and provides personalized advice based on their financial needs and goals. Unlike other free consumer finance apps on the market, Wela pairs AI capabilities with a human touch, offering access to real financial advisors via phone, video chat or in-person at no additional cost.
The Wela iOS app enables users to track all their financial accounts in one place, protecting user privacy by leveraging bank-level security, as well as 256-bit SSL encryption and two forms of secure authentication. Capable of aggregating data from more than 13,000 financial institutions, Wela's digital advising algorithm, Benjamin, uses linked account information to run a complete analysis, helping users take steps toward financial health based on three main pillars: creating an emergency reserve, paying off debt, and implementing an investment strategy. In addition to Benjamin's foundational metrics, the algorithm delivers custom insights on demand, helping users stay on track to reach their short- and long-term goals.
"Wela is the first free app to give comprehensive financial advice in real time in real-world scenarios personalized for you. We're changing the way financial advice is delivered, bringing human advisors together with smart technology to provide instant feedback on how your daily actions impact your financial standing," said Matt Reiner, Wela CEO and co-founder. "This holistic financial experience meets the needs of people at every stage of life, whether you're looking to define an investment strategy, manage your cash flow, or simply set a budget you can actually stick to."
Wela's in-app budgeting tool, Benjamin, makes budgeting tangible and prevalent on a day-to-day basis. Once Benjamin is activated, the onboarding process begins with the creation of a personalized 'Daily Spend Limit'. Benjamin then compares that number to actual daily spending and other transactions so users can understand how they are progressing toward the customizable goals they have set for themselves within the app. With real-time analysis of daily spending, rather than an end-of-month review, users are empowered with a better budgeting method and reassurance in their progress.
"Whether an individual is new to adulthood, planning for a growing family, or an empty nester, everyone has goals when it comes to their finances. What many lack, however, is an actionable roadmap and real-time analysis of how their daily decisions impact the time it takes to reach those goals," adds Reiner. "Wela solves this problem by pairing the first true digital advisor, Benjamin, with access to real advisors through a variety of communication methods. By combing smart technology with a human touch, Wela empowers people of all ages with the knowledge, tools and confidence to turn their dreams into a reality and take control of their financial health."
Wela users may also choose to take advantage of Wela Strategies, a fee-based extension of Wela that includes all the app's advantages plus investment decisions driven by real people. Wela Strategies manages investment accounts for clients of all income levels and financial goals as a trusted custodian through its Own Your Age ETF solutions.