Bots that save you money

A few days ago we talked about how chatbots didn’t prove to be the revolution many of us expected. As we saw, one of the problems was related to expectations: chatbots were expected to be a magic wand that would solve everything. Yet, this doesn’t mean chatbots are not extremely useful when applied in the right environments and with the right goals in mind. We’ll present some cases of useful chatbots in the next weeks.

Have you ever thought that a chatbot could help you save money? Nowadays, it’s happening. Chip is a project that started as a crowdfunded effort but it’s a reality now: a chatbot app that guarantees it can help you save money. You just have to plug it into your bank account and it will do the rest, or so they say —we haven’t tested it, so we can’t really say!—. Chip uses an Machine Learning algorithm that gathers intelligence provided by all the transactions it knows from the rest of users, and based on that it helps you put aside —i.e. save into a separate account— the money it thinks you can afford. Other similar projects, such as Trim, have a bigger conversational part, asking you questions like, “Would you want to cancel your Netflix account?”.

There are other successful chatbots used in finance, such as CoIn (Contract Intelligence by JPMorgan), which reads your contracts and helps you analyze them to detect errors or problems. All of them are innovative approaches towards chatbots being applied for a specific task. Stay tuned for more information about this topic!


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