80% of Americans are dealing with debt, but for many, figuring out the smartest path to pay it off isn’t so simple. The challenge is often knowing how making extra or increased payments will impact one’s ability to still meet other obligations. While paying off debt sooner is ideal, we all still have bills to pay, food to buy, and lives to live. Project Finance set out to tackle this all-too-common dilemma.
In our research, we found that existing banking tools only dealt with previous spending decisions that couldn’t be changed. We wanted to take a different route to assist customers in moving forward from their past, guiding them to make informed decisions now for a stronger financial future. To do this, we developed FutureLook™.
FutureLook™ shows the estimated available balance of a checking account in the future based on the cumulative effects of the spending and saving decisions a customer makes today. Using machine learning to identify recurring incomes (e.g., paychecks) recurring expenses (e.g., the electric bill), and average daily spending (e.g., the morning coffee run), FutureLook™ can tell a customer if they can afford to make an accelerated payment this month and still buy their son that special birthday gift, for example.
In addition to providing projections 7, 14, 30 and 60 days into the future, customers can use this feature with different checking accounts (including external accounts), and can manually adjust their income, expenses or spending budgets as needed. FutureLook™ allows customers to “try on” different financial factors to see how they would affect their finances, like picking up an extra shift at work or canceling their Netflix subscription.
By providing customers with an in-app tool that empowers them to view and explore their own financial future with a few clicks, you can help them stop regretting the past and start building a brighter tomorrow.
FutureLook™ is just one of the many financial wellness tools Project Finance offers as part of our digital banking experiences. For more information about FutureLook™, email us at firstname.lastname@example.org.