Many Americans struggle to manage their finances. One study finds that 4 in 10 Americans couldnt handle an unexpected expense of $400. A new breed of money apps, powered by artificial intelligence (AI) and aiming to engage consumers attention when they need help the most, is trying to come to the rescue.
Olivia Moore, a young Chicago resident, was able to cut her $20,000 debt in half, in less than two years, with the help of an app called Tally. It helped her realize the impact of high credit card interest rates on her finances. But the apps come with limitations and some risks.
AI cant do all things for all people. When an algorithm gives a nudge, after all, humans still make the final save-or-spend decisions. And some consumer…
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