LendingPoint, a CreditTech platform harnessing artificial intelligence (AI) for comprehensive financing solutions, has revealed the launch of its personal financial health and management tool.

This tool is now accessible at no cost to all LendingPoint customers through their mobile app.

In response to the 73% of American adults reporting financial stress as their primary concern, LendingPoint’s initiative offers a solution. Customers can establish financial objectives, connect accounts for in-depth expenditure analysis, gain tailored real-time financial insights, and compare their financial habits with peers, all integrated within the LendingPoint app.

LendingPoint CEO and co-founder Tom Burnside said: “For many Americans, it’s a challenge to digest and understand their current finances, let alone how to begin building good financial habits.

“Our goal is to create a new financial ecosystem where consumers can access the resources they need for every step in their financial journey. Our personal financial health and management tool supports this mission with an engaging and easy-to-use financial management platform to help our customers understand, set and achieve financial goals and milestones.”

As a longstanding partner for diverse clients including borrowers, small businesses, and merchants, LendingPoint now augments its capabilities. By providing personalised financial insights, the app aims to simplify and enhance customers’ financial well-being.

This innovation follows the 2021 launch of free credit score tracking and monitoring within the LendingPoint app. Future improvements to the app are already in the pipeline.

LendingPoint’s core strength lies in its algorithms for fraud prevention, risk assessment, and asset management. These algorithms fuel an array of financing opportunities spanning the credit spectrum.

Additionally, its LendingPoint Merchant Solutions platform delivers fully integrated financing solutions to e-commerce platforms, merchants, and service providers, streamlining the process of attracting and converting more customers.