Douugh, an Australia-based AI-driven financial wellness app provider, announced on Friday it has launched its new self-driving management feature, Autopilot, within its app.
According to Douugh, the first function of Autopilot is Salary Sweeper, which is described as a service that automatically allocates a customer’s paycheck to cover their upcoming expenditure needs for the period and contribute to savings goals. Autopilot utilizes several machine learning models to manage customers money. Each model has a specific task and improves over time as it gets to know the user better through their financial data. Models include:
- Budgeting: Detecting income and expenses, grouping like transactions together, analyzing frequency of transactions and predicting future outgoings
- Categorization: Reconciling transactions according to merchant and category (ie food & drink: transport: rent) and analyzing periodic/behavioral spending to predict future spend
- Forecasting: Finding and analysing historical patterns in income and outgoings to predict future account balances and ensure future bills and savings goals can be met
Douugh went on to add:
“Based on these models, Autonomy Algorithms then make real-time decisions about how to allocate money, sweeping cash between Jars to provision for bills, meet saving goals, top up savings with unspent salary leftovers, and speed up debt repayment. Users interact with the algorithms through the Recommendation Engine, which shows optimal savings per pay period to reach a given goal – and alert users if goals are not realistic: recommend spending amounts and alert users as percentages of these are met: and recommend debt reduction strategies.”