A range of apps link to accounts to assist with spending, saving, debts and more
, which plans to relaunch in the UK, can decide how much you could save on a monthly basis and automatically set it aside, as well as fine you a set amount — to go into a savings pot — if you spend too much on unnecessary or luxury purchases.
Lenders such as Salad Money use AI to help borrowers who might otherwise fail to satisfy underwriting criteria. The social enterprise says that its use of AI democratises access to small loans for people with impaired credit scores. “It means that we can make better credit decisions on individuals who would typically be declined because they have had a missed payment, a county court judgment or have been made bankrupt in the last six years,” said chief executive Tim Rooney. “We push that to one side and ask ‘can this person take on a credit commitment?’ based on their ability to service it and their propensity to pay bills and debt.
Many of the apps offer paid tiered subscription memberships, but also free services. Mick McAteer, co-director of The Financial Inclusion Centre, said he was worried that if apps have commercial relationships with lenders or insurance providers their targeted advice could be geared towards promoting their services.
The FCA says that it is currently considering how regulation can promote safe and responsible use of AI in finance, and points to its, which stipulates that companies must create products and services which provide good customer outcomes as a framework it will use to address issues arising from AI.
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