Digital wealth manager Moneyfarm has purchased the technology behind personal banker Ernest, which is powered by artificial intelligence.
Ernest leverages Facebook messenger and connects with an individual’s bank accounts, combining natural language processing technology with machine learning. According to Moneyfarm, the purchase makes them the first digital wealth manager to employ the use of a personal finance chatbot.
The technology aims to assist individuals with managing their money and investments and has the ability to view the daily transactional behaviour of customers, meaning personalised financial advice that considers broader spending habits can be provided.
Co-founder and chief executive of Moneyfarm, Giovanni Daprà, commented: “Artificial intelligence and a conversational user interface will help us to improve our algorithms and ultimately offer a better product to our customers.
“As we work to integrate chatbot technology across our product offering we’ll be able to assist over an individual’s full wealth lifecycle, from the first pay cheque through to retirement.”
Co-founder of Ernest, Niall Bellabara, said: “Moneyfarm’s acquisition of the Ernest technology provides the opportunity to accelerate the vision for Ernest, to create a better financial adviser for consumers.”
Moneyfarm operates in the UK and Italy, offering advice and discretionary investments.