10+ Best AI Tools for Banking & Personal Finance

If your bank account feels more like a “surprise” box than a carefully curated collection of your hard-earned money, you might need an upgrade.

And no, we’re not talking about swapping your piggy bank for a vault. We’re talking about embracing the future – the era of Artificial Intelligence.

AI tools are redefining banking and personal finance management.

So, wave goodbye to the days of forgetting bill payments, losing track of expenditures, and letting investments lay dormant.

Let’s delve into the world of AI for personal finance and banking and introduce you to the best tools you should be considering.

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1. Cleo

Cleo is the financial assistant you never knew you needed. She’s smart, witty, and good at her job – helping you track your spending, saving, and budgeting with ease.

Easy to useCan’t handle complex financial planning
Fun, conversational interfaceOnly supports English language
Offers spending insightsFree version has limited features

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2. Mint

Mint is like that friend who’s always organized and on top of their finances. From budgeting to credit monitoring, this tool has your financial back.

Comprehensive financial toolAds can be intrusive
Real-time updatesCustomer service could be better
Free to useSome sync issues reported

3. Upstox Pro

Upstox Pro uses AI to simplify stock trading. Whether you’re a newbie or a seasoned trader, it’s got you covered with real-time market data and powerful features.

User-friendly platformCharges for API usage
Detailed analysis toolsCustomer service could be better
Affordable brokerage ratesSome technical glitches reported

4. Kasisto

Kasisto is designed for banks but loved by customers. Its AI platform, KAI, powers virtual assistants and bots for banks, providing customers with a quick, easy way to manage their money.

Improves customer engagementNot directly available for consumers
Reduces service costs for banksSetup can be complex
Multilingual supportDepends on bank’s implementation

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5. Chip

Chip is a free app that automatically saves for you, based on your spending habits. It’s like a personal trainer, but for your finances.

Automated savingDoesn’t support all banks
Earns interestSavings limit in free version
Simple to useLimited financial planning tools

Our Take

In the battle against financial disorganization and missed investment opportunities, AI is a potent ally.

For tracking spending and simple saving, Cleo and Chip can work wonders. Mint, with its comprehensive features, proves to be a great

friend for those wanting to manage everything in one place.

For traders, Upstox Pro’s real-time data and analysis tools are game-changers. However, as an end consumer, you don’t have direct control over choosing a tool like Kasisto – but, if your bank uses it, that’s a win for you!

Absolutely! Here are five more impressive AI tools that are shaking up the world of banking and personal finance:

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6. Trim

Trim is an AI assistant that does everything from canceling old subscriptions to negotiating your cable bill. It’s like having a savvy, frugal friend constantly looking out for your finances.

Can negotiate lower billsTakes a percentage of savings as fee
Identifies unwanted subscriptionsSome negotiations may not succeed
Offers debt payoff plansRequires access to your financial data

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7. Pefin

Pefin is a fiduciary financial advisor powered by AI. It offers personalized advice for budgeting, saving, and investing.

Fiduciary, meaning it’s legally obligated to act in your best interestMonthly subscription fee
Offers detailed financial plansLimited investment options
Learns and adapts to your financial behaviorNot for active traders

8. Digit

Digit is an AI tool that makes saving money as easy as spending it. It analyzes your spending habits and automatically saves the perfect amount every day.

Automatic savingMonthly subscription fee after trial
Overdraft preventionDoesn’t support all banks
Withdraw anytimeSavings do not earn interest

9. Personetics

Personetics is an AI-powered platform used by banks to deliver personalized financial guidance. Think of it as a personal banking assistant.

Provides personalized financial insightsNot directly available for consumers
Helps banks reduce costsRequires banks to integrate
Improves customer engagementUser experience depends on bank’s implementation

10. Zest AI

Zest AI uses machine learning to help lenders make faster, more accurate decisions. For consumers, this could mean quicker loan approvals and better rates.

May result in better loan termsNot directly available for consumers
Reduces risk for lendersOnly useful if your lender uses it
Helps remove bias in lendingImplementation and outcomes vary by lender

Our Take

The second batch of AI tools further demonstrates the potential of AI in managing finances.

If you’re tired of subscriptions silently draining your account, Trim might be your best friend.

Pefin and Digit offer automated advice and savings respectively, simplifying financial planning. Remember though, tools like Personetics and Zest AI will only be at your disposal if your bank or lender uses them.

Nevertheless, these tools collectively present a futuristic vision of personal finance where managing money is simpler and smarter.

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Mani Karthik

About the Author

Mani Karthik

Startup Mentor, Tech Blogger & Entrepreneur.

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