Oportun Deploys AI for Recurring Expenses
Oportun has expanded its savings app, Set & Save, to include a new artificial intelligence-powered feature that identifies routine bills and automatically helps members save toward upcoming payments.
The new Smart Bills feature uses AI to understand a member’s financial habits and then set aside money for car payments, rent, utilities, insurance, subscriptions and other recurring expenses, the company said in a Monday (July 27) press release.
Members retain full control of their money and can set savings limits, pause savings or withdraw funds at any time, according to the release.
The first members using Smart Bills have saved 48% more per month than those using the Set & Save app alone, per the release.
“Set & Save makes it easier for people to build healthy financial habits in a way that works for their everyday lives,” Oportun Head of Savings Annie Ma said in the release. “With Smart Bills, we’re helping members connect their savings to recurring priority expenses, so they can better budget, plan ahead and feel more prepared for the moment when bills are due.”
The PYMNTS Intelligence report “Generation Zillennial: How Financial Literacy Drives Financial Confidence” found that while zillennials are often earning lower to middle incomes from entry-level jobs and gig work and may struggle to put aside savings, they are more likely than other generations to cite living comfortably between paychecks as a financial goal.
“Zillennials who lacked access to financial literacy tools growing up are more likely to struggle to pay bills between paychecks,” the report said.
In another recent move, Oportun announced July 9 that it aims to expand access to responsible credit through a new lending partnership with Column, a nationally chartered bank that provides regulated financial infrastructure for technology companies.
The partnership will see Column originate unsecured personal loans through the program, and Oportun provide its platform’s marketing, servicing and program-support capabilities.
“Oportun’s mission has always been to help our members move forward financially by providing access to responsible credit,” Gaurav Rana, senior vice president general manager, lending at Oportun, said at the time in a press release. “This partnership supports Oportun’s mission to empower more people to build a better future by expanding that access.”
