Moneyfarm, a digital wealth manager based in the UK, has acquired the technology behind chatbot Ernest to launch its own artificial intelligence-powered personal banker that will facilitate money management for individuals.
Ernest integrates natural language processing technology with machine learning. The company uses uses Facebook messenger to connect with an individual’s bank accounts.
MoneyFarm will integrate Ernest technology into its existing services. Financial terms of the acquisition were not disclosed.
The wealth manger said that the technology of Ernest will offer it an insight into the daily transactional behaviour of customers and help it provide more tailored financial advice.
Moneyfarm co-founder and CEO Giovanni Dapra said: “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.”