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How’s it goin everybody doesn’t be the bush today i’m going to talk about using artificial intelligence to help you save money go to a company called change now what is artificial intelligence basically you’re going to have a whole bunch of inputs into this network each input could be a certain aspect of your spending such as the frequency at which you’re spending
The amount that you’re spending the location that you’re spending or what type of stuff that you’re buying so each one of these attributes and they can pick a lot of different kinds can have an input into this network this network is basically a computer that’s mimicking neurons in your brain each of these connections you see here within this graph has a certain
Scaling value whatever value that ends up being here it’s going to be this value times the scaling factor plus this value times the scaling factor plus this value times another scaling factor each one of these lines is kind of like a neuron in your brain so the more you exercise it in terms of like when you’re learning something the stronger the neuron gets when
You put certain inputs in here you have a desired output that you want what these ai companies need to do in order to train this brain to work well in your situation is basically to adjust the scaling factor so that this brain that’s pre made sort of works well in your case you have a whole bunch of different attributes that they’re sucking in and scraping from
Your accounts and then at the very end it’s going to make a decision how much should a transfer from your checking account to your savings account the way i look at savings is that i don’t look at and a savings account as a separate thing in fact i clump everything together checking savings investment account a paypal account amazon discard value all of those is my
Net worth there’s actually no distinction to me that some money is sitting in a checking account or a savings account at all the only thing different to me is that the money in the savings account is earning more interest i don’t think of oh i need to scrape a little bit of money from my checking account and put it in a savings so that i won’t touch it when i need
Something that’s over the value of my checking account i’m just going to take some from my savings account and put it in my checking and spend it to this concept of a checking and savings account is likely for people that want to have that distinction and for me i don’t absolutely need something like this however i can see how if there’s an artificial intelligence
Here kind of gently scraping a little bit of money from your checking account and moving into your saving can actually help you because if it’s gently removed from your taking account you will not notice much change and therefore you would look at your tanking account and see that oh yeah there’s a little less amount so therefore you won’t spend it as much meanwhile
With this ai working in the background your savings account is actually growing a little bit more and more so it’s actually doing the savings thinking for you now it also monitors your spending habits so if you’re doing something really crazy like spending a lot online it’s going to give you a gentle nudge and go hey you know this is kind of out of the ordinary for
You are you sure you’re going to want to spend all this money just right now it’s kind of like a buddy system where it just kind of gives you encouragement that yeah you’re saving great you’re doing great last month things like that so how does this ai thing work it actually looks at your spending habits and sweeps little bits of money from your checking account to
Your savings account this is their change savings account which you can earn from 1 to 3 percent a py now typical a py is around 1.3 percent these days this is high-yield savings account so 3 percent is actually really good now in order to get this 1 to 3 percent a py you actually have to refer a friend that also uses the service if you refer one friend you get
One percent a py each additional friend that you invite you get another half a percent on top of that all the way up to 3 percent a py so if you have a lot of friends that you can invite and you can get up to 3 percent well this is really good because then you can enjoy this 3 percent a py on up to $250,000 kind of like a savings account and this is fdic insured
Up to $250,000 from the first republic bank now every time that they move money they are going to ask you before they actually do the move if they somehow cause you to create an overdraft fee from your bank they’re actually going to refund this fee another great feature that i think a lot of people can benefit if they actually sign up for the service is that they
Have overdraft protection with an ai this means that they’re going to monitor your spending habits and also your income in flow if at some point they’re going to see that you’re going to be a little bit short they’re actually going to deposit money into your checking account so that you do not incur this overdraft fee now they may leave this money that’s not yours
For up to seven days and if you have added friends and stuff you can add it up all the way up to 14 days because of this intervention that the ai did you may have avoided a lot of overdraft fees which last i checked is around $35 each time the whole premise of how they make money is to help people avoid these overdraft fees and if you’re really happy about what
They did then they operate on a tipping service they accept tips but this is absolutely not required so you can use the service without paying a thing so it’s kind of like this other service that i reviewed where they rely on people’s generosity in order to operate their company so in essence they may be removing a little bit of overdraft fees that the big banks can
Charge sort of helping you avoid them and then hopefully that you will pay them part of this overdraft fee for their profits in order to have to change ai work well you have to link your credit card and your checking accounts this means they really want to see your whole spending habits not just one of your few credit cards now whenever a company asks for all this
Information a really big red flag goes up for me because i do not personally want to share all this with a single entity they do say they do not save your making information and yes i believe them however whenever you have a single point of failure for your financial information i get personally a little bit worried because perhaps with hacker can go in there and
Scoop up your login information for various banks and this single point has all your information from a lot of different banks a lot of different credit cards so i’m personally a little bit worried for me in order to ease my own worries i need to check out their credentials on their front page they say they’re the winner of the bbva open talent 2017 ai competition
Now what is bbva i actually have no clue i am not familiar with this so in terms of credentials i can’t say anything about this i mean yeah it’s some award that they want okay now if you look down on their web page they have articles from various financial places such as forbes marketwatch psychology today yahoo finance and then you can actually click on them and
It would actually lead to the proper webpage that has the article on the company i did try to contact first republic bank which is the bank that’s backing this comfort normally i message them and ask them hey are you working with this company and i have done that with previous things but the first republic did not exactly reply to me in time so in addition to this
You just look at their up out page and look at their faces of the ceo and various people well you ask yourself do you trust these guys if you do then you can rest assured then yeah okay maybe you can try out the service you may want to do your own research as well all in all i think this may be a really good service for those people that are just starting the safe
And need that little nudge in order to help them save a little bit at a time if you’re interested in using some of this ai technology to help you save money don’t forget to check out my affiliate link down in the video description below don’t forget to give me a like on this video comment down below let me know what you think about just having a robot trying to
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Transcribed from video
AI Robot to Help You Save By BeatTheBush