A London-based FinTech startup named Cleo which has taken AI to heart and developed a money management app which works fully on AI-enabled chatbot. How? Let’s find out.

In this blog, you will get to know,

• What is Cleo?
• How does Cleo work?
• How Cleo provides bank-level safety?
• Roles of AI technologies and AI-enabled chatbot in the FinTech app.
• How much does it cost to develop a FinTech app like Cleo?

What is Cleo?

Cleo is the London-based FinTech startup which was founded by Aleksandra Wozniak and Barnaby Hussey-Yeo in 2016. It provides the AI service which tracks and manages the money. By using the AI feature of the Cleo through the Facebook messenger, and other communication channels like text message, Amazon Alexa and Google Assistance, user can simply ask the questions related his recent payments and bank accounts and Cleo’s AI-enabled chatbot presents the details of user’s spending, broken down by category, transactions, and merchant. To make users feel that they are talking with humans and not with a chatbot, Cleo’s chat window shows different emojis and GIFs and adds humor. This step of Cleo is very appreciated in the FinTech industry where everything is unexciting!

Cleo also offers Cleo Wallet to the users and recently, Cleo has launched their own app to eliminate the dependency on the Facebook messenger.

Cleo claims that they have successfully acquired 1.3 million users who have performed 5 million-plus transactions. With its new funding round which was led by Triple Point Capital, Cleo will now aim to expand its business reach in the USA where Cleo had already commenced its service last year. Cleo’s decision to enter the capital of the FinTech industry was noteworthy as Cleo has acquired around 6,50,000 users of the USA.
 

How does Cleo work?

 
Cleo asks users to add the bank details which Cleo analyses in read-only mode which means Cleo can only view the encrypted data. However, to fetch payment and bank data, Cleo hasn’t developed own module. Instead, it uses a top financial software called SaltEdge. Cleo now employs its AI brain to scan the transaction history, and to spot spending trend and user habit. For example, if a user asks how much he has spent at Sainsbury’s, Cleo replies to him the detailed spending report.

How Cleo makes sure the safety of users’ sensitive information?

 
Developing a safe FinTech app is a challenge for both FinTech startup and FinTech app development company. But Cleo claims that their app is extremely safe and secure. Because of Cleo’s read-only method, no one can withdraw money from a user’s account, except the user himself. They have also revealed how they access user’s transaction history. To avoid the data breaches, they never save the credentials of the users on their servers and they encrypt all remaining data like transaction history and personal information.
 

Features of the Cleo app which you need to know before going for FinTech app development for your FinTech startup

• Users can connect securely to their bank accounts.
• User can ask the questions related to their bank accounts and spending by typing and even by voice command.
• App’s inbuilt chatbot answers the question of users within no time. It also uses smileys and GIF to make the conversation interesting and user-friendly.
• App gives all updates of the user’s bank account.
• User can set the budget.
• The app presents most of the information in the graphical format so that users can understand the trend easily.
• User can apply several filters on their spending report.
• User can refer the app to his friends and earn up to $5.

That one next-gen feature of Cleo which helps them to make money.

Cleo analyses the payment activity per category for every user. So, when a user pays for the same category to a service provider and the price he is paying is higher than what other users are paying for the same category, Cleo suggests user to try another service provider. If the user follows Cleo’s suggestion and tries another service provider, that service provider pays Cleo.

From the following image, you can clearly understand how Cleo makes money by saving the user’s money.

After reading so far, it is safe to assume that you are now aware of the core element on which Cleo works with awesomeness. So, now let’s discuss what is a chatbot, why you need to ask FinTech app development company to accommodate it in your next FinTech app and how Coruscate can help you?
 

What is a chatbot?

 
A chatbot or intelligent banking assistant is a computer program which is developed with AI technologies to conduct a real-time conversation with users via the auditory or textual method.

The sophistication of mobile technology had already started helping us to exchange and authenticate the transaction without human involvement. However, during the relationship-based interactions, a present of a human has always been an unalterable need. But with the advent of a chatbot, all tech giants have started putting emphasis on a chatbot that doesn’t make users feel that they are talking with a module. The current generation of Chatbot we are experiencing is capable to schedule meeting, book the cab and many other resource-sensitive tasks.
 

Why you have to add chatbot in your FinTech app of FinTech startup?

 
An AI-enabled chatbot can be your finest investment as it helps you to deliver excellent customer service and it eventually boosts your sale. Following are some more examples of how as a FinTech startup, you can derive the benefits from the chatbot.

• A chatbot works round the clock.
• It replaces a team of customer executives which means you can now save a few bucks.
• It studies the customer preferences and remembers it. It treats every customer individually.
• It organizes the advertisement campaign and cross-sells efficiently.
• It responds instantly to any query of users.
• It responds in easy-to-understand text and images.
• If needed, it can talk with customers in a different language too.

How does a chatbot work?

Image source: https://www.pwc.in/

How much does it cost to develop a FinTech app for FinTech startup?

 
Coruscate is top FinTech app development company, which develops startup ready FinTech apps. In fact, we have developed several FinTech apps and entertained many FinTech app development related queries. Our trained developers and designers build the next-gen app by utilizing the skills they have earned while working in the most challenging industry. We will not only build the FinTech app, but we will integrate features like Cleo so that you can dominate the market quickly. We have already completed successful API integration with Nordic banks and so, we can now develop a FinTech app within 45 to 55 days and under $10k. To know more about the features and ask for a free demo and consultation, visit our FinTech app development page. We will keep your FinTech startup alive even in the apocalypse!

The post Develop FinTech app like Cleo : AI-enabled chatbot can keep your FinTech startup alive even during apocalypse appeared first on Coruscate Solutions.

AI can help you deal with financial issues as well, and you can do it successfully. How AI in Fintech can be applied and other Financial Services? Our goal is to find out it.

Loan documentation used to be a bulky process but now lenders are employing artificial intelligence that makes the process not just faster but also error-proof and secure.

AI can process the applications within seconds, making the approval process truly scalable. This also reduces the chances of default and higher risk loans as it benchmarks the market data to categorize loans with higher chances of default.

hus, AI in fintech makes the process of lending fast and efficient, cutting down both expenses as well as manpower. Even more importantly, it does not allow the personal bias of the credit officer cloud credit decisions.

Artificial intelligence also helps firms to fine-tune their systems and therefore, prevent them from hackers and cyber-attacks. Moreover, artificial intelligence algorithms have the ability to automatically identify the necessary data and segregate it from the bulk of information.

AI is a critical enabler in digital P2P lending. It has replaced the branch-led model with a credit algorithm that is impartial and structures its decisions only on the basis of cold hard data.

Capabilities of AI in Fintech

There are a few main ways how to use AI today in the financial world. We list all of them.

1. Advanced Customer Service

The process of communication between employees of financial services and an ordinary customer is rather easy – it can be done with the help of online chat or smartphone.

As a rule, such specialists can really help you solve main issues, but we cannot exclude human factor – people can make mistakes, and also it can be difficult sometimes for them to give you a right piece of advice. That is where AI can come to the rescue. Today in customer-support interaction between two technological solutions can be offered.

2. Fraud Detection

This subject is very topical since we all want to keep our funds safe, right? And artificial intelligence can be the first technology that will help us do it. The matter is that AI-based fraud prediction system can learn millions of possible fraud attacks, memorize them and analyze.

Moreover, this system can work round the clock, any fraud attack will be blocked quickly. Apart from this, the system learns the way how customer acts, and the detects the differences from a habitual manner.

While integrating AI into your financial services it will protect your customer from any unwanted attacks, and it will be an added bonus to your service.

3. Lowering the Risk In P2P Lending

P2P lending organizations can also benefit from AI since they can analyze the behavior of customer and detect all potential risks in cooperation with a customer.

When a customer plans to borrow money, nobody knows how reliable he or she is. So here, AI in financial services plays a great role. This AI-based system will help to verify it. In addition, neural networks will scan all documents of the borrower to avoid any possible fraud cases.

Thus, the process of documents verification can be automated completely, and it will lower the number of possible errors and failures.

4. Improved Insurance Support

Many insurance companies already start using AI in their working and financial process. AI can help assess the level of damage if something happened to the car insured or house. It means that AI makes it possible to increase the level of customer service in the insurance field as well and prevent new incidents. AI-based chatbots can also be used in this field to give good recommendations to customers. AI enhances your service significantly.

5. Enhanced Investment Analysis

Here AI can become a very useful addition for hedge funds. Such funds are created for rich investors that are looking for good sources to invest their money. AI in financial services can automate this process and make it more secure and precise.

In the nearest future, AI will be used as a tool to work with stock exchange operations since it will automate the whole process in the future. Hence, AI in financial helps to make predictions regarding upcoming prices and perform analysis of the market. Investors can find more opportunities that will work with AI – it will bring more profit for them.

Conclusion

As we can see, AI has a great potential to be used in your financial services. Technologies are developing and artificial intelligence becomes something common for us. The financial area can really benefit from AI and smart chatbots will tell you how you should spend your money wisely and how you can make money with bots?

Actually, AI will simplify our life and make all financial processes more secure and faster. Hence, it is the best opportunity for lending startups to develop P2P lending app or fintech apps. What are you waiting for? Let’s have a call to shape your idea in form of application.

The post How Use Of AI In Fintech Enables P2P Lending For Better Customer Experience? appeared first on Coruscate Solutions.

Here is another reason to not ignore AI in your design when opting for iOS mobile app development for your business.

By 2019, artificial intelligence platform services will cannibalize revenues for 30% of market-leading companies.

A lot of industries are using AI to improve their analysis and offer better and personalized products to the users. Planck Re, a fintech platform, uses AI towards improving their risk assessment and offering effective solutions. They study the readily available data on the Internet to build solid profiles for the SMBs that seek insurance coverage.

They realize which companies are in direct need of the insurance products, and what type of solutions will lower the risk for these companies. This company was founded in 2016 and received funding in this month itself. The company has simplified its design in order to improve the user experience.

When you are planning for AI-based platforms, you will need to make your design progressive and in line with the user needs.

Here are a few pointers that should help you with the design of an AI-based iOS app for your business.

Defining The Target Audience:

Oh, nothing beats this starting step! You ought to know who you are designing for; else you won’t be able to give an appropriate platform for the target. The AI apps tend to serve more than one type of persona, which is why you will need to build it accordingly. In case of Planck Re, the data science abilities of the platform are important for the insurers, which will help them understand if the business needs the particular solution or not.

Secondly, the developers need data that can be incorporated into the app to make it seamless and insightful. As a designer, your app should have provisions for both kinds of usage and should allow the end users to readily call for the data that would be useful to them. Image recognition abilities and other machine learning capabilities should be incorporated into the platform during mobile app development for ease of use.

Make The Design Contextual:

It is important that you design artificial intelligence apps that is more contextual. Instead of getting the robots to perform the tasks, and take over human brains, incorporate AI in a way that the human functions are still important. You will need to add context to make the design smart and personalized. Allow humans to interact with the machines but, make sure the interaction is smarter and way easier than it was before. The answers should be more aligned with the questions being asked.

For instance, there is data and then there is AI; now, all you need is the questions or interactions made by the insurers, and then the AI combined with data will reveal the right answers.

Go For Discreet Designs:

How do you unlock your phones in the current times? The face recognition feature tops this answer. It is a discreet design, not added to your interface, yet allowing you to ensure quick and easy access to the application or even to your phone.

When you are designing AI apps for the iOS devices, make sure you integrate such discreet features into the apps. They will help enhance the experience and improve the quality of the app interaction.

These design integrations will not distract the actual experience and will help improve the interactions.

Should Be Scalable and Flexible:

The platform will grow, and with it the number of people in the target audience. If you are designing an AI app, make sure you keep room for scaling the app further. The idea is to allow space for increase in the number of features or addition of functionality to the app. The idea is to evolve the design and keep updating it in line with the more recent demands and the evolving nature of technology.

Ability to Predict Human Behaviour

Your AI app should integrate machine learning to enhance its capabilities. The apps should be able to comprehend the human behavior and tactfully deal with the needs expressed.

The Google Duplex, recently released in the I/O 2018, works on this aspect. According to the change in the conversation, the Google Duplex will start asking questions or give out the data. Your app will be able to modify as per the requirement and there would be an increase in the engagement as a result.

Platform Should Be Responsive

You need to create a platform that is more responsive and agile in nature. The speed with which it responds will help the users stay on the platform for a long while, and increase your conversions.

When you have an app that works in real-time, the responsiveness will help you deliver the results within nanoseconds, thus helping the key management take informed decisions.

Summing up

It is important that you incorporate all the mentioned design considerations when developing an AI based iOS app for your business. A contextual and well-defined AI app will help improve the profitability of your business.

Coruscate offers professional iOS app development services, thus converting your ideas into workable solutions that are successfully delivered to the app store. If you are convinced with an idea, then connect with us to explore design and development possibilities.

The post Top AI Design Considerations That Will Help You Launch An AI Based iOS App For Business appeared first on Coruscate Solutions.