Non intuitive use case for Banking as a Service: Autonomous Finance

“While companies like Qapital, Chime, and Digit have some form of autonomous banking in the form of autonomous saving, some companies want to take it even further. Envel, a not-yet-launched app running on Cambr, promises to provide what they call “Driverless Banking”, an AI powered banking framework to completely automate their customers’ financial lives.”

Envel –

Envel uses AI to redefine banking for Generation Z

“The unique financial needs of Generation Z led to the creation of Envel, a challenger bank that uses AI to manage expenses and automate savings in order to help create stability in a world where chaos is often the dominant theme of the day.

‘Using some of the best resources we’ve been able to gather, we’ve been able to build an AI system that works to autonomously manage customers’ finances so they can spend more time doing the things they can enjoy,’ Envel founder and CEO Steve Le Roux said in a telephone interview with Mobile Payments Today.”