leader in artificial Intelligence companies often ask users (and investors) to imagine a not-so-distant future aye Coaches, trained on personal data and past interactions, help users achieve their biggest dreams. Want to be more active? Here's a workout designed by AI. Do you want to monitor your long-term well-being? Try this AI health app. Do you want to fix your money problems? There's a personal finance chatbot for that. Multiple in fact.
My goal is to be debt-free by the end of 2025, and as a reporter who frequently tests new software, I was curious about trying some of the AI financial advisors that have gained popularity in recent years. Hiring a human wealth manager can easily cost a few thousand dollars, so more people, especially younger users, are turning to AI tools for advice. From Apple's Free Top Charts finance appsI decided to try two well-reviewed options that offer chatbots aimed at fixing money problems: Cleo AI And shiny,
Both Clio AI and Bright encourage users to link their bank account to the app through a third-party service called plaid. This allows chatbots To help break spending habits, help users pay off debt and build credit. “Using bank data and what you've told us, Clio will be your kind of confidant or coach,” says Barney Hsieh-Yeo, the company's CEO and founder. “She will provide you with the right advice and the right products to help you make better financial decisions.”
Fair enough, but some guidance from Cleo led me off that path. While it had charming moments, like a cordial roast highlighting where I overspent in unnecessary ways, the generative AI tool seemed primarily preoccupied with my use of it. personal data For upselling opportunities. The light was the same.
For example, I started a conversation by pretending to be sad and not having enough money to buy groceries. According to Hsieh-Yeo, Clio's main demographic of users are young people who are living paycheck to paycheck and “feel the pain of finances more than most people.” So I thought this would be something that users share all the time. bot feigned sympathy And immediately started encouraging me to check if I was eligible for a cash advance through the app.
When Clio met my eligibility for a cash advance, I was prompted to sign up for the $6 monthly Clio Plus membership. The first time I used it, the app offered a $130 cash advance, divided into $65 increments over two days. Users technically don't have to pay any fees for cash advances if they're willing to wait the estimated three to four business days — a difficult feat for people living paycheck to paycheck and my goals of paying off past debts. To divert attention from.
Clio also offered me a same-day money transfer if I agreed to pay an $8 express fee. This would mean that I would have to pay $73 for the advance amount after about a week. After not doing it the first time, the app increased my total limit to $200 the next day, divided into two $100 increments. According to Hsieh-Yeo, about a third of Clio's revenue comes from cash advances, with the remainder made up through subscriptions and cards designed to help users. strengthen their credit scoreUltimately, Cleo felt more like a temptation to take out additional, short-term loans than a real solution to my money issues.
Although the Clio app does not currently include offers for larger loans, Bright's financial chatbot, which is marketed as an “AI loan manager,” does. A subscription to Bright's AI assistant costs more, $39 for three months of access, but it also promises access to up to $10,000 more cash through third-party lenders. Compared to other AI finance chatbots I tested, Bright's output included more confusing errors, like claiming I lost more than $7,000 in insufficient funds fees in the last month, an absurdly inaccurate amount. .