Plum, the first AI-powered Facebook chatbot, is a personal savings assistant that monitors users’ daily spending and automatically sets money aside, simplifying the savings process.
Compatible with all major UK banks, the London-based service links up with users’ current accounts to analyse income, expenses and spending patterns. Plum then determines a savings amount adjusted to current spending patterns and automatically transfers the funds into a special Plum savings account every few days. Re-calculating how much to save every day, the app takes the guesswork out of saving, fully automating the process. Users can access their Plum savings at any time, and use Facebook Messenger to interact with chatbots to get financial suggestions or updates on their progress.
The service reflects a growing consumer interest in mobile-based financial services that streamline money management. Plum is specifically targeting millennials – a demographic the Financial Times reports often feel so “financially doomed they do not save” – who are strapped with high levels of graduate debt, poorer pension provision and a runaway housing market.
"We know that a lot of people, particularly millennials, feel either that they cannot commit to saving a specific amount, or are not motivated to do so, so we want to do it for them,” said co-founder Victor Trokoudes.
Plum currently runs in private beta only and will be invite-only at the end of October. For more on the potential of chatbots in the consumer and financial spaces, see State of Mobile: Summer 2016 and Future Fintech: Wired Money 2016.