In the world of artificial intelligence, many shifts have taken place to allow for a more human centric approach to business. One such shift is financial wellness. This article introduces the concept of financial wellness and the practical implementation of using machine learning and AI to give customers a financial wellness score. There are further considerations regarding the concept, including why, despite it being an extremely relevant topic, it has not yet been implemented globally.
Financial wellness is defined in a number of ways; the most familiar of which refers to an individual’s overall financial health. It is often described as a position of ‘being prepared for an emergency’, ‘meeting financial goals’ and ‘budgeting spends’, amongst others.