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.
In this article…
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.
| Pros | Cons |
|---|---|
| Easy to use | Can’t handle complex financial planning |
| Fun, conversational interface | Only supports English language |
| Offers spending insights | Free version has limited features |
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.
| Pros | Cons |
|---|---|
| Comprehensive financial tool | Ads can be intrusive |
| Real-time updates | Customer service could be better |
| Free to use | Some 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.
| Pros | Cons |
|---|---|
| User-friendly platform | Charges for API usage |
| Detailed analysis tools | Customer service could be better |
| Affordable brokerage rates | Some 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.
| Pros | Cons |
|---|---|
| Improves customer engagement | Not directly available for consumers |
| Reduces service costs for banks | Setup can be complex |
| Multilingual support | Depends on bank’s implementation |
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.
| Pros | Cons |
|---|---|
| Automated saving | Doesn’t support all banks |
| Earns interest | Savings limit in free version |
| Simple to use | Limited 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:
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.
| Pros | Cons |
|---|---|
| Can negotiate lower bills | Takes a percentage of savings as fee |
| Identifies unwanted subscriptions | Some negotiations may not succeed |
| Offers debt payoff plans | Requires access to your financial data |
7. Pefin
Pefin is a fiduciary financial advisor powered by AI. It offers personalized advice for budgeting, saving, and investing.
| Pros | Cons |
|---|---|
| Fiduciary, meaning it’s legally obligated to act in your best interest | Monthly subscription fee |
| Offers detailed financial plans | Limited investment options |
| Learns and adapts to your financial behavior | Not 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.
| Pros | Cons |
|---|---|
| Automatic saving | Monthly subscription fee after trial |
| Overdraft prevention | Doesn’t support all banks |
| Withdraw anytime | Savings 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.
| Pros | Cons |
|---|---|
| Provides personalized financial insights | Not directly available for consumers |
| Helps banks reduce costs | Requires banks to integrate |
| Improves customer engagement | User 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.
| Pros | Cons |
|---|---|
| May result in better loan terms | Not directly available for consumers |
| Reduces risk for lenders | Only useful if your lender uses it |
| Helps remove bias in lending | Implementation 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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