Main benefits in personal financial management
Faced with competition from a new generation of financial service providers, banks must manage to maintain their reputation.
Conveying a message to the customer that “We are here to help you improve your financial health” will allow them to keep their users’ loyalty, as well as to obtain valuable feedback.
PFMs (Personal Finance Managers) are no longer enough. Artificial intelligence, today, offers complementary solutions to this type of tool.
FinTech services applying AI allow savers to make financial decisions in a simpler way (how to distribute income, how to maximize savings, investment proposals, formulas for paying a mortgage, etc.). On the other hand, it allows the banking sector to automate tasks (e.g. saving by rounding, payroll, etc.) and makes available information on customers, risks and regulatory compliance.
As Paz Comesaña (Director of Marketing, Advertising and Strategic Alliances at EVO Banco) comments: “Startups are allies, not enemies“. They took advantage of fintech technology to bring value to their customers through AI.