A Siri for Your Finances? Digit Says Trust Me

www.bloomberg.com

Some nice love in Bloomberg for Digit, a GV portfolio company, which has now helped its users save some $350 million over the past couple years. Suzanne Woolley:

The company is now working on what Bloch called “the first artificial intelligence-powered financial goal program.” Users would set a date and amount (and pick an emoji, of course), and Digit’s algorithm would make a series of projections based on balances to determine the optimal amount needed to start saving toward that goal—or point out that the goal is unrealistic.

Been trying this out a bit. Very clever... Bigger picture:

Also on the product horizon is having Digit’s algorithm figure out how to “move every dollar where it should go, at the right time, to minimize fees [on student loans, credit card accounts, etc.] and maximize gain,” Bloch said. 

Sometimes it is things which seem small which have the biggest impact...

“We want to make Digit understand more—not as broad as Alexa or Siri, but widen the aperture a little more—related to finances and your money,” he said. “One day, it would be awesome to say, ‘Hey, Digit, am I OK for retirement?’ And all Digit does is send back a thumbs-up emoji."

👍

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