Can Artificial Intelligence make you better with money?

Last post: Apr 24, 2018

Chatbot style apps, which claim to help you look after your finances more effectively, are on the rise. But can an artificially intelligent (AI) robot really make you better at money?

Would you trust your finances to an AI chatbot? Apparently more and more of us are doing exactly that. UK-developed Cleo is one such bot, which has amassed over 120,000 users. Today the tool is making its transition to the US.

Described as a Personal Finance Manager (PFM), this tool can be accessed via Facebook Messenger, text message (SMS), Amazon Alexa and Google Assistant. It functions as a "chat", providing updates when they matter and allowing users to ask questions of their own.

Tracking finances is Cleo's primary function, allowing users to keep up with where their money is going with no need to log into a bank account and scroll through pages of entries. Ask Cleo how much you have spent over the period of your choice (and even on the expense of your choice) and she'll give you an accurate picture of your spending right away.

Whether it's alerting you when you are nearing the limit of your monthly budget, to telling you that you've spent far too much money in Pret a Manger this week, Cleo performs all sorts of useful functions. She's also able to offer in depth knowledge of all sorts of financial subjects - and how they relate to your money situation.

With high level security (just like your trusted banking app) Cleo is very secure and manages to give money a surprisingly friendly face which goes a long way to taking the fear out of money management. Set saving targets, build intricate budgets or simply ask for advice and Cleo will oblige.

That's not to say that this "computerised accountant" is entirely flawless. Some aspects of the experience are still a little buggy. Sometimes she misinterprets your data, mistaking things like transfers to another account for outgoings. This can artificially skew data and paint a slightly wonky picture for users. The team behind the money-minded AI claim to be in the process of ironing out the kinks, with plenty of user input.

So would you trust your finances to an artificially intelligent "robot"? It's probably not time to hand over control of your pension just yet, but when it comes to budgeting and everyday finance, these user-friendly tools certainly make managing your money more accessible and enjoyable.

Looking for more personal finance expertise? Our money experts know the personal loan market inside out. Get in touch today to talk to us about your best borrowing options.