This neobank is going to use AI to help you build your wealth

Posted: 29 January 2019 11:03 am


Douugh will be launching in Australia and the US this year.

Douugh has become the latest in a slew of neobanks announcing their intentions to launch in Australia in 2019, but it believes its point of difference is that it is a "next gen" bank taking an artificial intelligence (AI)-first approach to its banking products. The "smart" bank account will come fully equipped with Sophie, an AI personal financial assistant that can offer real-time insights and guidance, be able to learn how you spend and understand your goals to help you get there.

Founder and CEO of Douugh Andy Taylor said the neobank is initially targeting millennials, and that the early adopters of the account will be HENRYs (High Earner Not Rich Yet).

"This segment is ready to plan for their future and start accumulating wealth. This is where Douugh can educate and automate their finances, and alleviate the stress involved. Helping them live financially healthy by still enjoying the now while planning for their future," Taylor said.

The Douugh bank account is yet to launch but will include a Mastercard debit card, "a suite of everyday banking features" and enhanced functionality designed to help account-holders pay off debt, spend less, save and build wealth. The account will become available in the US next month and Australia later in the year.

Douugh has taken a partnership approach to launch in both the US and Australia. In Australia it has partnered with Regional Australia Bank to be able to launch banking products and in the US it partnered with Choice Bank. This arrangement will see products issued by Regional Australia Bank and deposits held by them, but the customer experience and branding will belong to Douugh.

It is a similar arrangement to neobank Up, which is a collaboration between Bendigo and Adelaide Bank (Bendigo) technology company Ferocia.

Regional Australia Bank CEO Kevin Dupé said Douugh had a big focus on customer financial wellbeing that aligned with their approach.

"With our industry continuing to evolve at pace, we are excited to be partnering with Douugh and help take such a cutting edge technology platform to market," he said.

According to Douugh, by partnering with a bank it allows them to focus on building a technology company without the need to become a licenced bank themselves.

"Technology and the pioneering of a new platform based business model will be the key differentiators in winning customers from the major banks and it will be the true fintechs with global scale that will ultimately be best placed to capture market share in the long-term," Taylor said.

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