Can artificial intelligence-powered chatbots shame people into saving more money?
Almost 60% of Americans have less than $1,000 in savings and nearly 80% live paycheck to paycheck. A number of artificial intelligence-powered chatbots are trying to talk people into improving, offering help like budget coaching, unsubscribing users from unnecessary recurring costs, and telling them whether they can afford that take-out order on Friday night.
These apps are not always so cheery, however. London-based AI-powered finance coach Cleo recently took a more biting turn with its language, releasing “a more savage version” of the app that gives users “tough love” when they say they need it, telling them, for example, “here are the companies bleeding you dry” and “can you afford to be a real adult now? No.” The free app recently celebrated more than 300,000 users in the U.K.
The free AI chatbot Charlie takes a friendly approach to “alleviate user anxiety,” said co-founder and chief executive officer Ilian Georgiev, who described the demeanor of the robot as “a golden retriever that is really good with numbers.” “One way to help people in that bracket save is to say, ‘the top 25% of people your age and income profile have saved x amount and you haven’t — what’s wrong with you?” he said. “The basic message is: your peers are doing this, you stink at doing this, do better.”
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