Digital advice and money management systems are frequently referred to as “robo-advice”. Quite simply, robo-advice services use technology and automation to streamline many of the financial management activities that do not need to be done by humans. By automating processes and delivering the service online, costs for services can be low (or potentially free) and can be made available to more people.
By asking people questions about their financial position and creating AI recommended actions, Hey Coach robo-advice (as the name suggests) provides general financial advice for members. In this way, it is quite different to a “do-it-yourself” budgeting tool.
Specialised personal advice (where available) is delivered by partners under the terms and conditions issued by that partner.
Like all good robo-advice services Hey Coach has experienced professionals assessing the parameters of the software framework and AI recommendations.