Bringing data science to personal finance

Libro Credit Union launches Yooli, an app designed to connect clients with their financial data and improve their money experience

LIBRO CREDIT UNION has announced the launch of a new money management app, Yooli, designed to help people take control and improve their financial wellness by using data-driven technology.

In the development of Yooli, Libro partnered with MX Technologies Inc., a fintech data company that aims to connect people with their financial data in a way that automates their money experience. Founded in 2010 and based in Utah, MX provides backbone services to more than 2,000 banks, credit unions, fintechs and technology companies, as well as 85 per cent of digital banking providers, with a combined reach of over 200 million consumers.

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The new Libro app includes an interactive financial health score tool, FinStrong, as well as MX’s personal, predictive and proactive financial alerts and guidance.

According to Libro, the Yooli app is being aided by feedback provided by Libro clients (or “Owners” in Libro-speak) who were asked to sign up and test the app’s beta version, which is still in development. In the initial beta rollout, signups have totalled more than 2,000.

“We know that the more input we have from our Owners, the stronger our app will be,” says Michael Smit, executive vice president of brand and digital delivery at Libro Credit Union. “We chose MX because they are the leaders in data enhancement and modern connectivity, we have strong values alignment, and we knew that this partnership would help our Owners become financially resilient. An important pillar for Libro, and this is just one of the ways we hope to achieve that.”

Bringing data science to personal finance Libro Financial ServicesLibro Credit Union executive vice president, brand and digital delivery, Michael Smit

Libro says the FinStrong tool included in Yooli will use spending, saving and borrowing behavior from across all connected user accounts to automatically generate a financial health score and roadmap for each Libro client. Additionally, MX will apply its machine learning capabilities and behavioral transaction data to generate insights that will protect, guide and inform account holders of anything from opportunities to save more money to duplicate subscriptions and transactions to potential overdraft possibilities.

“The name Yooli is a combination of You and Libro working together to help you make friends with your money,” adds Smit.

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“The strong alignment of shared purpose with Libro is an important factor that makes this partnership so meaningful,” notes Nate Gardner, chief customer officer at MX. “Yooli is brilliantly designed to be an individual’s financial guide, proactively leading Libro Owners to greater financial strength. This is only possible through the combination of modern connectivity and intelligent data powering a delightful money experience from a credit union that truly cares about the financial health of its Owners.”

“For as long as Libro has been around, coaching our Owners to financial success has always been central to everything we do, and teaming with MX has created new ways to do that,” states Stephen Bolton, CEO and head coach at Libro Credit Union. “As the world becomes increasingly digital, we want Yooli and our coaches to work together. Think of Yooli as your financial wellness assistant that’s always on, partnering with your coach to help you prosper.Bringing data science to personal finance Libro Financial Services

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