Change Labs Launches New Consumer Financial Intelligence Platform
Proprietary algorithm automates savings and paves way for Predictive Overdraft Protection™
LAS VEGAS, Oct. 25, 2016 /PRNewswire/ -- Change Labs is excited to today announce the launch of its general platform and automated savings offering at Money 20/20. The company's unique platform enables upwardly mobile consumers to immediately become more financially mindful and start an individualized automated savings program. The offering is based on proprietary algorithms customized to users' spending behaviors. Starting this week, the company is also starting to pilot a service called Predictive Overdraft Protection™.
"We are placing machine learning and advanced algorithms in everyone's hands, so you can easily automate your savings today and avoid wasting money on banking fees and interest charges," said Yaniv Levi, Change Labs founder and CEO. "Americans paid over $140 billion in banking fees and interest charges in 2015 and we think there's a better use for those funds in your pocket."
The automated savings offering launched today was developed to align with individuals' natural spending habits and behaviors. By linking their bank accounts, Americans can now automate an incremental but painless saving program with Change, that doesn't require budgeting or cause the headache of an accidentally overdrawn account.
As the founding team developed the company's platform, they saw the potential to let individuals know when they were likely to overdraft and extend a short-term loan to cover the overage between deposits - thus saving them part of the over $40 billion Americans spend on overdraft fees annually. So starting this week, the company will also start testing its Predictive Overdraft Protection™ offering with select users and expects to fully launch the solution in January.
About Change Labs
Change Labs is developing advanced algorithms specifically designed to improve individual financial behaviors. The financial services platform uses existing tracking methodologies and new deep machine learning to anticipate common financial pitfalls and support financial growth. To learn more, visit https://gochange.co.
SOURCE Change Labs
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