Israeli Startup Change Labs is set to revolutionise the way you handle your personal finances. This service advises people on how to better manage their money based on their recent transactions and purchases. Based on AI technology, Change Labs offers a tailor made service that monitors the user’s transactions, gathers data and analyses his or her behavioural patterns to better understand their cash flow.
This cutting edge service learns the user’s financial personality by connecting to one’s bank account or credit card; when it identifies opportunities to decrease spending and increase saving, it alerts the user and suggests ways to do so. Unlike other similar services, Change Labs does not require access to personal information such as home address or family status, as it relies solely on financial transactions containing details such as date, amount and description of the purchase. The service then processes this information and identifies financial behavioural patterns and can predict the user’s upcoming purchases. This data can also serve banks, as it provides an in depth insight of the clients’ financial habits and needs, allowing them to modify their services and offer their costumers short term loans and personalised saving plans.