Cleo AI assistant explained: Know how it helps you manage finances more efficiently

tech.hindustantimes.com:

Cleo AI assistant explained: Are you tired of overspending? Can't figure out where your money is going? Don't fret, we've all been there. There's an AI assistant in town that claims to become your money coach and help you manage your finances better. Courtesy of the advancements in artificial intelligence (AI), there are loads of apps now that help you save money, manage finances, keep a check on spending patterns, and make profitable decisions. If you wish to get advice on sensible financial decisions, then check out Cleo - an AI assistant that helps manage your finances better.

Cleo was developed by Barney Hussey-Yeo in 2016. It is a personal AI assistant that helps you make better decisions about money. It teaches you about money in layman's terms, with the aim of helping you live beyond paycheck-to-paycheck means.

Users can sync Cleo with their bank accounts. With this, the AI assistant can help you keep track of your spending, build your credit history, and make a savings plan. It studies your transaction history and provides you with detailed information about your finances. Thus, it tells you when you've gone over budget on your grocery spending, and even alerts you about your bill payments.

Moreover, users can also apply for a cash advance. For this, the AI assistant will study your transaction history to determine your income and eligibility. You can use a wide variety of available tools like auto-save, round-up, swear jar, and set & forget.

Cleo comes with a subscription called ‘Cleo Plus' that makes users eligible for a cash advance of up to $250, alongside other features like credit coaching and cash back. The Cleo Plus subscription costs $5.99 monthly.

Cleo claims when you connect your bank account, it accesses your transaction history and data through an encrypted read-only mode. It claims to have world-class security practices and uses the same encryption as most banks. Since Cleo does not store banking credentials on the server, the chances of data