GreenPath Financial Wellness, a national nonprofit that provides
financial counseling and education, and eGain (NASDAQ: EGAN), a
leading customer engagement platform provider, have launched the
Virtual Financial Coach™, a unique, turnkey solution for financial
counseling automation. Deployable by banks and credit unions in
minutes, the secure digital tool offers personalized financial
advice 24x7 to people on any smart phone or computer. It uses
eGain’s digital engagement automation technology, powered by
Artificial Intelligence (AI) and Machine Learning (ML), to deliver
GreenPath’s trusted and empathetic financial guidance at scale.
Even before the onset of COVID-19, 40% of
American consumers would struggle to pay for an unexpected expense
of $400, according to a Federal Reserve study1, and the situation
has gotten worse with the pandemic. Millennials, the largest
demographic group, have a net worth that is 40% lower than that of
what Generation X had at the same age2.
“Now more than ever, people need tools that meet
them where they are in their financial journeys,” said Kristen
Holt, GreenPath’s President and CEO. “The Virtual Financial Coach
offers individuals flexibility to pursue discreet, judgment-free
financial guidance at any time, in any place.”
Recognized as a finalist in CreditUnions.com’s
2021 Innovation Series, the Virtual Financial Coach mimics human
financial counselors, providing personalized advice through virtual
assistance and digital messaging, based on the individual’s
specific situation and goals. It delivers bite-sized action steps
and motivational nudges to encourage progress and celebrate
success. Leveraging AI and ML, the tool provides advice on a
variety of user goals, including recommendations on how to improve
one’s credit score, move forward after a credit decline, pay down
debt, and build healthy financial habits.
“This partnership combines eGain’s AI technology
with GreenPath’s proven advice to offer consumers a unique digital
financial coaching experience,” said Ashu Roy, eGain’s CEO. “Users
receive empathetic coaching to help them establish financial goals
and identify actions they can take to reach them.”
The solution reduces the stigma associated with
seeking financial advice with discreet and secure digital
communication. Users can stop engaging with the Coach at any time
and pick up where they left off later. At the right time, the Coach
offers opportunities for users to connect directly with a GreenPath
expert for one-on-one personal assistance with credit, housing, or
debt management issues.
“The Virtual Financial Coach leverages
GreenPath’s 60 years of experience delivering caring, clear and
concise financial guidance to millions of Americans,” Holt said.
“We’re still here to provide the live one-on-one counseling
GreenPath is known for, and we’re excited to offer this additional
service to individuals looking for an anytime digital financial
coaching tool.”
GreenPath and eGain are piloting the Coach with
more than 40 of GreenPath’s credit union and bank partners. The
tool is already receiving rave reviews. Focus group participants
shared positive feedback describing the Coach as “fast, helpful and
practical” and of particular benefit to individuals hesitant to
speak with someone live.
“This Virtual Financial Coach increases access
to critical credit education, day or night,” said Helen Gibson,
Vice President of Strategic Operations for Denver Community Credit
Union. “Plus, it allows members a safe and private approach to a
conversation about credit.”
“The Virtual Financial Coach offers
transformational business value to financial institutions,” added
Evan Siegel, VP Financial Services AI at eGain. “It can help them
attract new customers, especially millennials, and wow them with a
one-of-a-kind coaching experience, while enhancing brand
loyalty.”
The Virtual Financial Coach can be accessed
through the websites of participating banks and credit unions or on
the GreenPath website at
https://www.greenpath.com/partnerships/virtual-financial-coach/.
More information is also available at
https://www.egain.com/virtual-financial-coach.
About GreenPath Financial
Wellness
GreenPath Financial Wellness is a national
nonprofit that has empowered people to manage their debt, buy and
remain in their homes, and lead financially healthy lives for 60
years. As one of the largest financial counseling agencies in the
nation, GreenPath has assisted millions of people with education
and products in debt and credit management, student loans,
homeownership and foreclosure prevention. Headquartered in
Michigan, GreenPath and its affiliates work directly with
individuals, banks, credit unions and employer partners across the
U.S. from more than 50 locations and through phone access and
online tools. GreenPath is a member of the National Foundation for
Credit Counseling, Michigan Diversity Council, Texas Diversity
Council, and is accredited by the Council on Accreditation. To
learn more, visit www.greenpath.org or call 866-648-8122.
Follow the nonprofit on Facebook and Instagram @greenpathfinancial
and on Twitter @GreenPath.
About eGain
eGain customer engagement solutions deliver
digital transformation for leading brands–powered by virtual
assistance, AI, knowledge, and analytics. Our comprehensive suite
of applications helps clients deliver memorable, digital-first
customer experiences in an omnichannel world. To find out more
about eGain, visit https://www.egain.com.
Media Contacts:
GreenPath Financial
WellnessChandra
LewisChandra@theallenlewisagency.com248-207-0631
eGain CorporationMichael
Messnerpress@egain.com408-636-4514
1 Federal Reserve report on the economic well-being of US
households, May 20192 Wall Street Journal, May 2019
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