WeMoney launches AI-powered credit health education assistant with Google Cloud

WeMoney, a leading Australian financial wellness platform, have announced a collaboration with Google Cloud to develop an AI-powered credit health education assistant, an Australian first. This innovative tool, named “WeMo,” will be built using Google Cloud’s AI platform, Vertex AI, to help Australians better understand and improve their credit scores.

According to a recent survey by WeMoney, approximately 59% Australians are unaware of their credit score – WeMo aims to address this knowledge gap and empower Australians to make informed financial decisions. By analysing credit report information, WeMo will provide users with personalised insights and actionable education to enhance their credit health and financial wellbeing.

“We are thrilled to partner with Google Cloud and harness the power of Vertex AI to revolutionise safe and responsible credit health management in Australia,” said Dan Jovevski (pictured), Founder and CEO of WeMoney.

“Our mission is to improve the financial well-being of all Australians, and WeMo is a significant step towards achieving that goal. Too many Australians struggle with understanding their credit health, which leads to longer term consequences that could easily be addressed only if they knew how decisions could impact their financial futures,” said Jovevski.

WeMo will be seamlessly integrated into the WeMoney app, offering users a user-friendly and interactive experience. Key features of WeMo include:

• Personalised Credit Score Insights: WeMo will provide users with a clear and concise understanding of their credit score, including the factors that influence it.
• Actionable Education: Based on the user’s credit profile, WeMo will offer tailored education on how to improve their credit score over time.
• Educational Resources: WeMo will provide users with access to educational content about credit management, empowering them to make informed financial decisions.
• The WeMoney and Google Cloud collaboration represents a significant milestone in the Australian fintech landscape. By combining WeMoney’s expertise in financial services with Google’s Cloud AI capabilities, this collaboration aims to deliver innovative solutions that address the evolving needs of Australian consumers.

WeMo is scheduled for broader public release in late September, following a period of invite only testing amongst WeMoney members. WeMoney and Google Cloud are committed to ensuring the highest standards of AI safety and security throughout the development and deployment of WeMo.

“AI-driven solutions have the power to revolutionise financial wellness by offering consumers personalised and actionable insights to achieve their financial goals,” said Matt Zwolenski, Director and CTO, Google Cloud Australia & New Zealand. By utilising Google Cloud’s leading AI technologies, WeMoney will provide new tools that tackle complex challenges, accelerate innovation, and ultimately deliver more value to customers.”