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We’re managing money with chatbots, now

managing money

Managing money has never been anyone’s cup of tea. We’re a generation of reckless spenders thanks to our capitalistic society. However, with the advancement in technology managing money might be a bit easier. Three finance tech startups in London have created chatbots to make saving money super easy. These chatbots focus on the millennial generation and help in managing money. The basic mechanism behind this message savvy app is a conversational interface. It is coupled with the technology that hooks to your bank account and analyzes the user spending in the background. It delivers financial assistance and helps user save up money on the side for emergencies. This is probably the type of technology that the millennial generation might use because having an app that solves it all is how we love to perform in this world.

Communication is easy and simple with these chatbots. It has made managing money all the more convenient and fun. There are three chatbots in the market that fully launch today called Plum, Chip and Cleo. The three are launching at once so now where we had none, we have three chatbots to pick from.

Managing money has never been simpler

Starting it off with Plum it is developed by Victor Trokoudes and Alex Michael. Plum is an Al powered Facebook chatbot that enables user to save small amounts of money. It connects with the user current account and then the bot learns spending habits. Plum then starts depositing small amounts of money into plum saving account. So it focuses more on the micro saving aspect by cutting money in the background without actually causing major changes in the budget.

Chip is developed by Simon Rabin and Nick Ustinov. On the surface level it seems that Chip is another micro saving app similar to Plum. It has however its own iOS and Android chatbot app unlike Plum that relies on Facebook Messenger app. Chip monitors user spending habit by running spending habit data through its own Al. The app offers more financial services to the user like personal loan management and forex. It has more value added opportunities for the user.

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Cleo seems the best in managing money

Cleo is by Entrepreneur first and is a helpful assistant in managing money. The chatbot is run by Al and is available on the app store today. The app has integration into accounts and credit card data to keep a better eye on budgets. The app is very easy to use and requires no hassling over micro finances. It has automated categorization and helps user save data in real time. It manages subscriptions, optimized day to day spending and basically providing simple financial products to ensure that your bank account doesn’t suffer much fluctuation in regard to finance. In the basic breakdown, Cleo stands out from the other two because of its simplicity and design. One doesn’t have to pore over spreadsheets every week to get an estimation of their spending.

Image via TechWorld