Robots could help you save more and spend less

The promise of hyper-smart robot traders has long attracted fund managers to artificial intelligence — but a flurry of new apps is now bringing AI to savers. Plum, launched in January, and Chip, which began operations late last year, offer ordinary savers the ability to have their savings managed by an algorithm. The apps require access to users’ bank statements, which they analyse to identify how much they could afford to put away each month. The algorithm attempts to learn users’ spending patterns, including when they pay regular bills and when they might be more likely to splurge on dinner and drinks. If the account holder spends less than usual, the app siphons off small amounts of money from their usual current account into a savings account — in both…

Link to Full Article: Robots could help you save more and spend less

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