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AI powered Assistants For Financial Planning
The democratization of Artificial Intelligence in Finance continues to reach everyday consumers lives. AI technologies that have been in used for a while are now entering the Personal Finance market.
Web based and mobile financial applications are on the rise after the successful introduction of robo-advisors by financial institutions.
AI can now help you make financial decisions that are personalized based on your habits.
The AI Apps for financial management are used to make decisions based on your personal budgets and spending history.
Banking institutions have already successfully experimented with robo-advisors and chatbots, now they are making use of AI technology to help you do your own financial planning.
The main advantage of using AI for budgeting, for example, is that it takes the guess work out of the process. Whereas by using a spreadsheet for your budget you can track expenses, using AI will further provide you recommendations for improvement based on your own patterns.
AI Financial Assistants for Millennials
These financial apps target people in the millennial generation who are mindful about their budgets and financial goals, but don’t want to use pen and paper for their planning.
The apps helps those starting out their lives fresh from college and those with an interest in investing manage their money.
There are some banks providing AI financial apps to their customers, but if your bank is not offering these apps yet, here are 5 AI powered apps for financial management.
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5 AI Financial Management Apps for Millennials
Olivia
Olivia AI is a conversation and text based app that links to your bank account and gives you real time spending information.
She learns from your spending patterns to provide personalized financial planning recommendations. This is a free app.
You can also use Spotify on the app to listen to your favorite music.
Cleo
Cleo makes the sometimes stressful money management into a conversation and it’s available on Apple and Android devices.
This financial assistant AI helps users save, budget, build credit and obtain cash advances when needed.
Using Cleo you can create a budget, track your spending and receive helpful suggestions when you’re about to off track.
This AI financial assistant is free for the budgeting and spending tracking services. If you want the overdraft service, the app charges a $5.99 a month fee.
Monarch Money
This AI financial app helps you create goals and a budget, it also monitors your transactions and cashflows.
You can link up your bank account to the Monarch Money app and it helps with you to break down your goals. Monarch gives you a comprehensive picture of your spending.
Digit
This AI financial app helps you budget, spend, save and invest your money.
In addition to tracking your spending and making recommendations for better management, Digit also allows you to invest in different fund categories.
Money Lion
This personal finance app also helps you track spending, save, invest and build credit. The app also has a Cash Advance feature for unplanned expenses.
Final Thoughts
These AI powered financial assistants can help you create budgets, set goals, track expenses and get helpful money management advice.
Unlike traditional financial apps and spreadsheets, these AI assistants use your money management patterns to predict your behavior and make suggestions for improvements.
These apps don’t offer banking services, however there are a few that provide overdraft protection and investment services thru third parties.
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