Credit card debt targeted by Douugh, financial 'personal assistant'

Bank customers will soon be able to sign up for computer-generated tips on how to get on top of their credit card debt, manage their budget, and eventually, save money on their electricity bill.

That is the ambition of start-up Douugh, a financial technology firm this month launching a pilot in Australia of a financial “personal assistant,” based on artificial intelligence.

It is the latest example of a fintech start-up seeking a piece of the banks’ lucrative financial relationships with consumers, as the public’s trust in traditional banks wanes.

The platform, which has already launched in the United States, will work by allowing customers to essentially download their financial history, which is then analysed by the assistant, called “Sophie.”

Founder Andy Taylor said the platform will initially conduct a financial health check on customers, by measuring how their spending compares with income.

“That allows us to see, are you drowning in credit card debt, or are you saving?” said Mr Taylor.

The longer-term plan, however, is for an app that is integrated with other banking products, and is pro-active, reminding customers about upcoming bills, or making suggestions about how to save money.

By early next year, it aims to introduce a transaction account and debit card, to be supplied by a separate licensed Australian bank, followed by a line of credit later in 2018.

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Source: Credit card debt targeted by Douugh, financial ‘personal assistant’ – The Sydney Morning Herald