British start up Snoop are relasing their app earlier than planned, due to a the harsh economic conditions i the wake of the corona crisis. The app uses AI to analyze the bank accounts of consumers and suggest saving measures.
Money-saving app Snoop launched yesterday, earlier than expected in an attempt to help consumers cut costs in the coronavirus squeeze, they disclosed in a press relase.
Founded and led by former Virgin Money boss Jayne-Anne Gadhia, the app uses technology to recommend users a list of personalised money-saving ideas.
According to its estimates, it could save the average household up to £1,500 per year. The app was expected to launch in May but said it brought the roll-out forward to help people manage their household outgoings through the lockdown and during the economic slump which is expected to follow.
Finger on the pulse: The app uses technology to recommend users a list of personalised money-saving ideas
Gadhia, Snoop’s executive chairman, said: ‘The coronavirus pandemic has been a game-changer for everyone. We know money is going to be tight for many in the months to come and so we’ve worked flat out to get to market as soon as humanly possible.’
Snoop uses so-called open banking technology to connect to a customer’s bank account and credit cards and, with their permission, analyse the data. It then uses a mix of artificial and human intelligence to suggest ways in which customers could cut costs.