Moneyfarm purchases technology behind Ernest
Written by Anthony Strzalek
UK-based digital wealth outfit Moneyfarm has announced that it has purchased the technology behind FinTech startup Ernest.
Moneyfarm has claimed that the move makes it the first digital wealth manager to explore the use of a personal finance chatbot to help individuals manage their money and investments.
Ernest is a personal banker, powered by artificial intelligence that leverages Facebook Messenger to connect with an individual’s bank accounts. It combines natural language processing technology with machine learning. The new technology has had two modes of operation: answering questions and proactive notifications, all with the aim of helping an individual manage their money better. The technology will be combined with Moneyfarm’s existing services.
Giovanni Daprà, co-founder and CEO of Moneyfarm, 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.”
Niall Bellabarba, co-founder of Ernest, 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.”