UK digital wealth platform Moneyfarm has acquired financial chatbot technology startup Ernest and is planning to move into personal financial management. The company has also announced that it is the first wealth manager to discover the use of a personal finance chatbot to help individuals manage money and investments.
Moneyfarm has started the work to link the technology of Ernest with its present services. And its focus is to help users manage their money and budget and find the best investments products based on their own financial habits.
Ernest technology offers a personal finance manager driven by artificial intelligence and designed to run on top of Facebook Messenger. It was started in 2015 by Niall Bellabarba, Cristoforo Mione and Lorenzo Sicilia. Ernest works by linking to your bank accounts, and then the chatbot uses natural language processing to answer questions about your financial well-being and transactions. It also gives you proactive notifications to help you manage your money better.
Ernest has all the technology MoneyFarm requires to look into the daily transactional behavior of customers, and this will deliver more personalized financial advice that considers broader expenditure habits.
Giovanni Daprà, co-founder and CEO of Moneyfarm, said: “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 life cycle, from the first pay check through to retirement.”
Bellabarba also added: “Moneyfarm’s acquihire of the Ernest technology provides the opportunity to accelerate the vision for Ernest, to create a better financial adviser for consumers. We’d like to thank everyone who has supported Ernest so far, and we’re excited by Moneyfarm’s vision for the future of the technology.”