After being used in retail and healthcare, chatbots are now gaining visibility in the banking sector. Will Artificial Intelligence make us better savers?

When Artificial Intelligence helps you save money

Chatbots have never been so popular. They are currently used in many different fields: from large retailers to healthcare or human resources. Banking players have been closely following the growing use of chatbots, and many startups are entering this promising market. The startup Azimo for instance created a tool to facilitate money transfer via Facebook Messenger, or about Clinc, a smart savings app which can adapt to the user’s spending habits.

The tasks that can now be accomplished by the chatbots created by FinTech startups are growing increasingly complex, enabling these chatbots to become personal advisors to their users and helping them to better manage their bank account.

It is for instance the case of the British startup  Plum, which has just raised 500,000 pounds and will soon launch its new service to help its users to become better savers.

The Artificial Intelligence created by Plum can directly connect to the user’s bank account to analyze his everyday spending. The chatbot then automatically assesses the amount its user can save every day and deposits the money into his savings account. After subscribing to the startup’s service, the user can chat with Plum’s bot whenever he wants, for instance to increase the amount of money he wishes to save, or to transfer money.

Only one month before the announced launch of Plum’s new chatbot, some questions however still need to be answered. Indeed, the startup has not officially explained how its Artificial Intelligence gets access to the user account’s data, and it is still too early to know if this solution could be deployed in France in accordance with the regulations.

By Camille Daudet