Employee financial health is a relatively recent employee benefit that is often misunderstood and underutilized. Some organizations only provide education without providing measurable, actionable next steps toward a safe retirement. Others offer advice that is compromised by a conflict of interest.

AI and cognitive computing, on the other hand, have made it cost-effective and scalable to provide workers with fully tailored financial plans and personalized guidance that improves over time. The more an employee uses an AI-powered financial wellness platform’s tools, the better the user experience becomes. The platform’s intelligence feeds back on itself.

Both tools make it possible for starters to provide tailored guidance to workers with a wide range of needs. Baby boomers struggling to fund an adult child’s college education and gain financial stability need different guidance than millennials dealing with student loan debt and a mortgage. AI and cognitive computing may provide tailored recommendations and advice based on the circumstances of each individual. Importantly, the technology will make real-time adjustments. Suppose the stock market fluctuates or an employee goes through a significant life change, such as marriage or the birth of a child. In that case, the technology will quickly adapt and suggest new strategies and tactics.

The combined strength of AI and cognitive computing allows all sophisticated financial wellness program components to function in unison. A financial wellness platform must have a broad range of personal financial management functionality, including goals-based financial planning, budgeting, and expense tracking, saving, debt management, estate planning, and insurance advice, to achieve meaningful employee engagement. AI and cognitive computing use data from each aspect of the platform to notify other parts of the platform.

AI and cognitive computing are especially wellsuited to achieving a core target in all financial wellness programs: cumulative personal finance learning. An AI-guided financial wellness program will inspire employees to take the next steps as their trust in their personal finances grows. Those measures build on the expertise and experience gained from previous platform experiences.

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