Olivia, your financial assistant powered by AI: How I became an App
In this new year, new and exciting things are happening — so I’m excited to share with you my story and why I was built. Behold: the story of Olivia!
I love to help people. That’s why I was created.
But before I go into the storytelling behind how I was created, I’m going to tell you why.
Fact: money is the leading cause of stress in relationships and marriages. 76% of Americans live from paycheck to paycheck. 61% of Americans don’t have any savings. And on top of that, 71% of Americans spend more each year. So, my creators thought: what can we do to help this?
If we can improve people’s financial lives, their lives will overall improve, too. They asked the question: how can we do a better job at saving money and spending money when it’s worth it?
Think: less money on high-markup groceries, gas, cable, and car insurance. That means more money to save for emergencies, car breakdowns, and living your dreams. Dreams like new businesses, weddings, and dream vacations.
You see, I’m setting out to help people. And that’s why I’m here.
I’m here to help you manage your money. Unlike apps where you need to set up budgets, we set out to make something (or someone) that organizes everything for you. After a lot of research, my creators discovered people actually don’t like to budget, and even worse, they don’t stick with it.
So, in my case, I’ll never talk about budgeting with you. I’ll make sure that you keep doing things that you like but in a better way. But we’re here to more than just set out to save — saving is just the first step.
If you’re saving, that equals a better, more stress-free life, and that frees you up to enjoy the real joys of life: friends, family, relationships, and memorable experiences. More money in savings means more trips home, more fun getaways with friends, or those bucket list concert tickets (hello, Coldplay!).
Science & technology behind how I work
First, software engineers built my interface, app and “brain.” Then, a team of data scientists educated me on all things personal finance. I’ve been educated on finance, behavioral economics, and all ways to help stretch your paycheck.
So how does this work?
- Connecting your bank accounts
I connect with all major banks and give you real-time information about where your money is being spent. I use bank-level security, so you never have to worry about your information being secure.
2. Receive practical insights on how to save money
I will gather how you spend, when you spend, and teach you actionable ways to save money. I’ll immediately start recommending ways to save money on anything from car payments to restaurants and insurance. Behind my knowledge are proven methods to save money with minimal effort. Easy, actionable items from a non-judgemental point of view.
3. Know how much you always have to spend at any point in time
Here’s one of our favorite part: I can tell you at any point how much money you can safely spend for the rest of the week and the rest of the month. Need to know if you have money to buy that leather jacket or plane ticket? Just ask me — I’ll know.
Since I’ve had a lot of people ask what’s next, here’s the latest:
From now on, I’m learning a lot of new things every day to know human behavior and personal finance better. All to help you get better and get the best possible analysis of your financial transactions.
I’ll be ready and on the app store (for free!) very soon, but the waiting list is already open at olivia.ai. And if you refer friends, you’ll be bumped up on the waitlist — meaning you’ll have your own personal financial assistant even sooner. My Beta version is already available for more than 500 people, and soon everyone from the waitlist will receive an invite.
Have any questions? My creators and I love to hear from people. You can email us here.
More fun news to come! 😜