Suggesting next best actions to customers to achieve their goals

Any comprehensive advice or guidance solution starts by helping the consumer to understand the answers to three fundamental questions:

• Will I be able to do the things I care about in the future?
• If not, why not?
• How can I fix this?

Identifying potential challenges to their future financial goals is a crucial first step. But the real power lies in the answer to the question: How can I fix this?

Once the consumer understands why they might be facing a shortfall, they can start implementing strategies to get back on track. But knowing what to do next can be overwhelming.

This is where propositions powered by the Envizage API add value to your customers and drive business value for firms by offering sophisticated capabilities to guide them towards their desired financial future.

1. Discovering your customers next best actions

The Envizage engine goes beyond simply highlighting problems. It’s designed to calculate what next best actions will directly improve the outcomes that your customers care about most. Imagine an app that doesn’t just say you’re not on track for retirement, but actively suggests concrete next steps like:

• Increasing your monthly savings by a specific amount. The Envizage engine calculates how much more you need to save to significantly impact your retirement pot.
• Adjusting your investment portfolio based on your risk tolerance and time horizon. The Envizage engine can identify potential optimizations to your current strategy to accelerate growth towards your goals.
• Prioritizing debt repayment strategies. The Envizage engine can analyze your debts and suggest the most efficient way to pay them down, freeing up more capital for your future.
• And another 40+ options that can be configured for your application and customised for each specific customer so that they get suggested actions that are specific to their circumstance and goals.

By analyzing your customers unique financial situation and stated goals, the Envizage engine pinpoints the most impactful actions they can take now to improve their chances of achieving what truly matters to them. It takes the trial and error out of financial planning and provides a clear, actionable plan for the consumer.

2. The Power of “What If”: Exploring planning adjustments with Envizage Solver

One of the biggest levers your customer might have is when and how much to take to achieve their financial goals.

Imagine asking: “What do I need to do to meet my desired retirement income?” Envizage Solver works in combination with next best actions to provide concrete actions that the consumer can take, based on their situation and their specific priorities. This might be delaying retirement to allow savings to build up or it could be reducing a pre-retirement goal that is not so important to them. Envizage Solver provides the concrete actions that are personal to their situation and priorities.

3. Clarity through conversation: Using AI to communicate complex financial projections

Financial projections and technical outputs can often feel overwhelming. This is where the Envizage engine integrates cutting-edge Large Language Models (LLMs) to provide clarity and understanding. A consumer is able to ask simple questions about the financial forecast and receive answers in plain, easy-to-understand language.

The core Envizage forecast engine contains no AI. This is critical in a regulated environment where calculations must be auditable and reproducible.

We use LLMs within the Envizage ecosystem to support client understanding and engagement, including:

• To explain complex charts and graphs in simple terms. No more struggling to decipher intricate financial visualizations. The LLM can provide clear, concise summaries and highlight key takeaways.
• To highlight key facts about the forecast and provide more detailed explanations that could for example just be made available to a financial coach supporting the customer. This can make the support process much more efficient and able to be supported by a broader range of colleagues.
• To provide an engaging, supportive natural language chat interface. This allows for initial capture of financial planning data, forecasts, explanation and guidance on how to improve, all in a familiar chat interface.

This conversational interface removes the barrier of providing complex highly sophisticated financial planning directly to your customers making financial planning accessible and understandable to everyone.

Here at Envizage we’ve built a holistic advice engine that can help millions of people around the world understand their choices and tradeoffs so they can make better decisions for their future. This can be used to support firms delivering Holistic or Simplified advice, Targeted Support or guidance to help their customers improve their financial outcomes. If this sounds relevant to you and your organisation, let’s talk: contact-us@envizage.me