Artificial Intelligence (AI) comes across to many as an extremely complex topic. However, understanding the concepts of how AI works, and what it intends to do, is fairly simple. At its core, AI development is about computers and systems, being able to perform tasks, that would usually require the input of human intelligence. One example of this is Google mail, enabling quicker composing of emails by predicting what you are going to say next.
Douugh, a Fintech start-up, built an AI engine to help users improve the management of their financial health. Through AI in payments, Douugh learns about the user’s priorities, habits, and goals. The service then acts as a financial assistant to help the user towards financial freedom.
Choice Financial was planning to integrate a new digital bank account and debit cards with Artificial Intelligence in payments. Instead of launching the product by themselves, they reached an agreement to partner with Douugh. The two companies will soon launch a debit card under the Douugh brand, with the card having an AI virtual-assistant called Sophie. With the help of Choice Financial, Douugh have been able to expand their business greatly since their launch in 2016. The company has raised approximately $2.5 million up until this point.
Andy Tylor, the CEO of Douugh is a big advocate of the huge potential of artificial intelligence in payment cards. He says, “Looking at the future of banking, it was clear artificial intelligence would play a pretty big role”.
The new AI app from Douugh, called Sophie, will be “running diagnostics”. These diagnostics will allow Douugh to perform various tasks, which otherwise would require human input. Some of these tasks include paying bills, making payments and helping users to track and manage their savings, as well as helping to manage to spend.
Top-Notch Features of Job Portal Apps
We are experts in mobile app development and design best in class software architecture to ensure your project success. We make use of the latest technologies to drive disruption in several industries including Finance and Healthcare.
How to Create an Investment Platform Like Robinhood?
Users Are Continuously Increasing The argument is backed by the fact that one of the most popular commission-free trading apps, Robinhood, has been gaining 4 Million new users every year. The app grew to 6 Million users in 2018 from 2 Million in 2017. And in the first four months of 2020, the user base reached 13 Million users.
What Are the Types of Fintechs and How Fintech Make Money?
With more and more venture capitalists infusing money into the FinTech ecosystem, “challenger” banking and financial service providers are confident of wiping out institutional behemoths faster than Blackberry and Nokia were taken out of the cellular phone market.
