IBS Journal February 2018


45


HOW CAN EMMA HELP? Avoid overdrafts


About 10 million people in the UK are not aware they are being charged excessive overdraft fees by their bank. Are you one of these? Emma will help you monitor them, saving you more than £100 a year.


Pay off your debt


The average British household has £13,000 of consumer debt. Emma knows how much you owe and keeps you on track with every instalment. Let’s keep your credit score in good shape.


Take control


Are you getting charged for something you never asked for? Emma will let you know when someone is taking money out of your account. Our average user saves more than £272 a year by cancelling wasteful subscriptions.


Start saving


We think saving should be easy, straightforward and clear. Just a simple click at the end of the month and Emma will save what you can aff ord on your behalf.


What’s the technology under the hood?


At this point, we are using a third-party service provider to connect to bank accounts, while we work on the AI and product in-house. Emma is currently only a mobile app, but we think you will soon able to talk and chat with her.


We have recently been registered and approved by the Financial Conduct Authority as a Registered Account Information Service Provider (RAISP). This means we can operate under PSD2, which was enacted in UK on 13 January. For this reason, we’ll soon adopt the Open Banking standard. We think this brings a huge opportunity and opens up scenarios for better integrations and data quality.


What sets you apart from the competition?


We are the only app in the UK that can help people avoid overdrafts, fi nd and cancel subscriptions, track debt and save money. Further, we are using a completely different approach when it comes to assisting our users.


Instead of building a static app, Emma can take different shapes. Our main feature is a feed of cards that can display custom


We want to build an AI that is able to plug into any fi nancial service in the world and provide actual help


“


content based on people’s fi nancial situation. It’s really close to Google Now, but for fi nance. Users can open Emma every day and read their daily feed of fi nancial news.


What was your smartest move?


Launching in the UK was the best decision we made in the last six months. This is a much more friendly and open-to-innovation market compared with other European countries. The US would have been even better, but we wanted to stay in Europe.


Where did things get tough – what was your biggest setback?


When we realised we didn’t have product market fi t in Germany we felt a bit lost, but this is part of the game. The ones who are going to make it in the long run keep going forward.


What’s the 2018 plan?


Emma is currently in closed beta, so we’ll open up to everyone as this is a product for the masses. We expect to remove the closed beta in the next few months, so anyone can join our public beta.


Where do you want to be in fi ve years’ time?


We want to build an AI that is able to plug into any fi nancial service in the world and provide actual help. Emma will be able to remind of the upcoming fl ight you have in two weeks or that you can stop at Angel to go to the local Tesco because the milk in the fridge has expired. The next generation of AI-assistants will work on top of fi nancial data, which is at the basis of our lives.


www.ibsintelligence.com


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