The American Fintech Council this week announced that Cleo has become its newest member. Cleo is the latest in a growing number of fintechs who have joined the American Fintech Council roster in recent weeks.
“Cleo focuses on the comprehensive and unique financial situation of each user and provides personalized advice to help them make smarter decisions with their money,” said Phil Goldfeder, chief executive officer of the American Fintech Council. “Artificial intelligence, when harnessed correctly, can be an important tool to help young people better understand their financial outlook and determine the appropriate steps to protect their future. We are excited to have Cleo as a core part of our growing membership. The American Fintech Council and the industry are already benefiting from their expertise and dedication to robust industry standards that best serve young people in need.”
“Seven years ago, we placed a huge bet that the future of human-computer interaction would be delivered through a conversational user interface, enabled by advances in AI,” Cleo’s chief credit officer Rajat Agarwal said. “Today, users can ask Cleo questions and receive deeply personalized insights and recommendations based on their own transaction history and individual priorities. In fact, we found that 84% of users feel better about their money after just one month of using (the) app. We’re excited to continue helping young people build financial literacy and financial security, and thrilled to join the American Fintech Council membership.”
Founded in 2016, Cleo is an AI assistant that turns the complexity of personal finances into a human-like conversation. Through their proprietary AI and machine learning technology, it is used to decipher complicated and unique financial circumstances and offer real-time insights, products, and solutions that help users feel less stressed about their money. Their conversational chat-based platform helps users manage their budget, track their spending, build credit, and plan savings.