This project involved developing a prototype messenger-based chatbot (“bot”) that provides financial tips and coaching. Messaging apps have surpassed traditional social media as the most used form of communication (amongst some demographics), and this innovation will meet them where they spend their time.
The tool will provide several innovations that do not currently exist in this market:
- Users will be able to receive instant, personalized tips on their financial situation;
- The bot will be able to provide ongoing, and pro-active guidance as users look to achieve their financial goals;
- Use of the tool will help build a comprehensive data set on financial challenges;
The specific objective of this project was applied research, prototype development and testing of a personal finance focussed chatbot.
The purpose of the innovation is to allow users access to personalized financial tips and coaching, a service typically only available to those with group pensions, or with the ability to invest in higher fee mutual funds.
- Luke Decoste & Ben Sanders, Northern Interest Management Inc., Project Lead
- Technology Innovation Officer, Yukon Research Centre