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29.03.2019

How Machine Learning Supports Our Users to Find the Right Bank Product

Numbrs has developed an automated system which uses machine-learning to help our users to learn more about their financial situation. Our powerful analytics feature provides more clarity for users in managing their finances and even helps them choosing the right bank products for their individual situation.

Numbrs allows users to add one or multiple bank accounts to the app to help them manage all their finances easier, faster, and safer. Thanks to our cutting-edge technology users are able to access in-depth information about their finances. This supports the user to build a healthier financial life. This includes for example the decision for the right bank account, personal loan, credit card, and insurance.

Excessive account fees, overdraft charges, or unsuitable insurance products are often the reason why people fall into debt. Our engineers from the Machine-Learning and the Money Store department united to develop a solution to help users find financial products suitable for their individual situations.

The result is a worldwide unique system which is capable of evaluating the quality of bank products better than any bank consultant — automatically and without entangling users in a sales pitch.

An unbiased analytics system for your finances

Most financial institutions have sales consultants to advise their customers. However, due to often incomplete data and human error even a professional consultant cannot guarantee a definite evaluation of somebody’s financial situation.

To avoid flawed or biased consultancy we developed “Triggers”. Triggers appear under specific transactions in the timeline to make users aware of saving potential.

Our engineers have developed several useful triggers to improve the financial situation of our users:

Pay with a credit card instead of cash

Withdrawing cash often comes with high fees of up to € 5 in Europe. Numbrs informs you if you’re paying a lot of ATM fees and recommends a credit card. A credit card can not only save you a lot of money, it’s also a faster and more convenient payment method.

Reduce overdraft fees with a personal loan or refinance and consolidate multiple loans

Overdraft fees are at 10 % on average in Germany. To help you save money, Numbrs detects high fees on your bank account and recommends a personal loan with an interest rate of as low as 3 %.

If you’ve previously taken up a loan with an unattractive interest rate, Numbrs offers you an alternative with better conditions. Consolidating multiple loans into one will give you a better overview and better conditions.

Protect your belongings — Get a better Insurance

Buying expensive electronic devices like a new tv is an investment. If your cat jumps on your new tv and it breaks, you lose a lot of money. To prevent this, Numbrs detects insurable purchases and offers you the all-in-one insurance package Numbrs Care.

Smart and independent financial decision making

Numbrs wants to get rid of the error sources that mislead people into bad financial situations. With our machine-learning analytics system, users aren’t swayed into buying banking products that they don’t need.

As the triggers are still in their early stages, we are focused on learning the best ways to improve the feature. The newly developed analytics will support our mission to provide in-depth financial insights. The information is neatly displayed so anyone can understand it and make independent decisions.

We hope Numbrs empowers as many people as possible to become their own bankers.

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