The idea to use artificial intelligence to manage personal finance came to Abe AI CEO Rob Guilfoyle while working at a financial technology company in the investment space.
Rob explains, “Finances are complicated, but if you can provide simple ways of getting what you need from institutions you trust (your bank), then it becomes less stressful.”
“We’re seeing people engage with their finances through [devices] like Amazon Alexa, Google Home and Facebook Messenger, with the simplicity of voice and messaging.”
Abe AI launched as a consumer application to gather more data that could be used to teach computers how to think about finances. As Rob engaged with financial institutions directly and through speaking engagements, he saw more fully the potential of artificial intelligence in the larger context, through the financial institutions and banking market itself.
“It’s a new channel for banks to engage with their consumers by allowing them to use the most utilized messaging applications and voice devices. As a bank, you can be anywhere for your customer,” Rob shared. Banks are “able to communicate with their consumers the way their consumers engage with their friends.”
“A great example of this need is if you lose your purse or wallet. What would you rather do? Spend 20 minutes on the phone with your bank, explaining to them that you lost your card? Or would you rather just send a text message to your bank that says, ‘Hey I lost my cards’, and within a 20-second text exchange the bank is sending you a new card?”
Rob is passionate about creating simplicity and excitedly shared that “this is a major social shift, and will forever change the way that banks and their consumers interact.”