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Finbot Marks The Rise of AI Chatbots In Fintech

by on May 21, 2016

Fintech and artificial intelligence seem to be a perfect match in the long run, and several startups are already working on bringing the two closer together. Finbot is a prime example of how the future may look, as it serves as a personal finance AI bot.

Finbot Is A Project To Keep An Eye On

Artificial intelligence in the financial sector seems to be an odd thought, yet it is of the utmost importance startups wield the technology at their disposal. One could use such an AI Fintech bot to present personal advice to consumers, and help people manage their spending habits. Especially this latter option will become more prevalent over time as digital spending is difficult to keep an eye on.

Finbot is one of the projects which is actively exploring this space, as the team behind it wants to bring a personal financial AI bot to as many users as possible. Thanks to its usage of natural language processing and PSD2 APIs under the hood, Finbot will look and feel like an interaction with a human counterpart.

For now, the Finbot team is developing this solution as a way to let users keep track of their financial health and goals, as well as present financial planning advice in the form of a private consultant. All in all, this project has the potential to become a very powerful AI Fintech bot, assuming there is enough interest from users.

However, solutions like these will stand or fall based on how well Finbot can “learn” from its user. This can be achieved by letting the AI bot learn by itself through banking system API access or uploading financial spending statements manually. It is positive to see users being given the choice, as the evolution of this AI fintech bot is in their best interest.

What is even more exciting is how Finbot has been selected as a project to keep an eye on at multiple Fintech events, albeit crucial development is still underway. The project will be kept open source to attract developers from all over the world, so they can come together and make this AI Fintech bot even better. Speaking of which, the team is actively hiring open source programmers, and more information can be found here.

Header image courtesy of Shutterstock

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