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Cleo or meetcleo is an AI-based chatbot that makes managing finances easy that was launched in 2016 by some venture capitalists. This chatbot or digital assistant can be linked to the bank account, manage the budget and recommend how much you can afford to save. Cleo is trusted by 3+ million users now and it helps you make money like a boss with all the powerful tools and cutting-edge technologies. Cleo can help you have the required sum of money to spend on takeout, it can help you scratch that essential sum of money to get to payday. It can help you save – invest to buy your dream house and much more. Cleo makes use of bank-level SSL encryption to protect your data and your deposits. It also got featured in Techcrunch, US Weekly, Marie Claire and Forbes. Let’s follow through the upcoming series of FAQs to know more about Cleo.
The cost to create an app like Cleo depends upon the features to be included, generally, it ranges from $15,000 – $35,000 for a basic app and can go up to $80,000 – 1, 30, 000 for a high-end Fintech app.
The Free Version of Cleo costs $5.99/month – which gives access to Cleo’s budgeting tool and digital wallet, plus a weekly quiz giving a chance to earn some cash rewards.
Cleo makes use of bank-level encryption and security practices. It is a read-only service so it does not allow any credit or debit transactions. It is a simple AI-enabled financial advisor.
Cleo is good to keep users engaged. It provides necessary insights on creatively saving money. Plum necessarily does not provide such ideas.
Cleo Plus does that. It comes at a cost of $5.99/month and includes Cleo Clover which is an overdraft service. If a user can qualify, Cleo allows borrowing up to $100 for overdrafts.
Cleo withdrawal takes up to 4 business days to clear off all the money transactions into the bank account. The team is trying to speed that up.
In the UK they support the following financial service providers: First Direct, HSBC, American Express, Barclays, Natwest, Capital One, Halifax, Lloyds Bank, Metro Bank, Nationwide, Royal Bank of Scotland, Santander, TSB Bank, Bank of Scotland, Monzo and Starling.
Cleo works on an AI-based program to manage finances by monitoring people’s spending and saving habits. It requires access to the bank account. You will be required to pay $5.99/month for a premium subscription which includes features like salary advances.
The lender can add a late payment fee and other charges to your loan in case you are not able to repay the loan in time. The lender can even charge an interest amount from the tie it is due. This can be up to 60% as an annual interest rate.
Cleo makes a soft credit check which does not affect credit score and it is typically only done when you have applied for a loan with lenders like a bank.
Cleo wallet is an in-built repository where cashback from quizzes, rewards and other transferable amounts is stored.
Cleo’s digital wallet lets users stash money in the account. It does not pay an APY and does not offer FDIC insurance. The Cleo app prompts setting up recurring, automatic deposits into the wallet and also lets users move money into this account on demand.
Apps like Cleo need to have Conversational UX, Omnichannel Experience, Personal Finance Assistance, Lead Generation and Cross-Selling Activities, Automated Loan Assistance, Data Privacy and Security, Bot Analytics & Reporting, Seamless CRM Integration, Rich Messaging, Multi-language Conversation. As a mobile app development service company that drives digital transformation for financial and banking organizations (plus many more industry verticals), development teams at Konstant has requisite capabilities to support, engage and delight their customers. We have the basic skills and knowledge along with the required tech stack to create bots that respond to your target customers’ profile and specific business processes. We bring in the cutting edge technologies and a deep understanding of the financial industry to create conversational bots for any device and platform, feed it with multi-languages, time-zones and much more. Acquaint us with your specific requirement and we’re sure to suggest a suitable business plan to adjust it.
Vipin Jain is the Co-Founder and CEO at Konstant Infosolutions and is in charge of marketing, project management, administration and R&D at the company. With his marketing background, Vipin Jain has developed and honed the company’s vision, corporate structure & initiatives and its goals, and brought the company into the current era of success.