Data aggregation and analytics platform Envestnet | Yodlee has acquired software provider Abe AI, which offers conversational banking solutions.
Abe AI, set up in 2016, has branches in New York, Los Angeles and Orlando.
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The deal will enable advisers to utilise conversational AI during client interactions.
Based on natural language processing, Abe AI’s technology is said to enable Yodlee clients engage in “human-like dialogue” with their financial service provider.
The technology works with Google Assistant, Amazon Alexa, Facebook Messenger and text messages.
The service will be integrated into Envestnet’s wealth management products later this year.
Currently, it is available for integration with the firm’s financial wellness APIs and apps, as well as retail banking solutions.
Envestnet | Yodlee senior vice president of product management Brandon Rembe said: “Conversational artificial intelligence will immediately complement our entire Envestnet portfolio, propelling financial data interactions and analytics to the next level.
“We believe adding industry-leading intent and entity recognition capabilities to our premiere data aggregation and analytics platform and financial wellness solution will be indispensable to the next generation of consumer financial offerings.”
Earlier this month, Envestnet consolidated its business into two units. They are Envestnet Data & Analytics, which includes the Yodlee platform, and Envestnet Wealth Solutions.
Late last year, BlackRock agreed to purchase a 4.9% stake in Envestnet for $122.8m.
