What:
Carefull announced a pilot program with Nationwide and their Innovation team, leveraging access to Carefull’s safe money monitoring technology.
Why:
In using its technology to support the 45 million US adults who coordinate and protect daily finances for an older parent, Carefull will join Nationwide’s broader effort to offer on-demand solutions for the “uncharted territory” often navigated by its members who are actively caring for an aging loved one.
How:
- Carefull’s artificial intelligence platform will help participating Nationwide caregivers by analyzing checking, savings and credit card accounts for more than 30 issues that can affect finances of older adults, such as late or missed payments, behavior change and mistakes, unusual banking activity, cash transfers and charitable contributions that unknowingly recur.
- Users of the technology—including seniors, select family members, and caregivers who support them—can receive notifications if any fraud or issues are detected.
- Nationwide hopes to support and augment the efforts of financial caregivers while enabling their aging family members to better maintain daily financial independence.
- Going beyond typical monitoring, the Carefull service will also enable robust communication among family members who are involved in the financial safeguarding process.