Apps like Cleo: Features, Advantages, Cost and More

The cost to create apps 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 development. 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.

Apps like 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. See also: How to Develop Apps like Dave - Complete Guide

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. See Also: Cash Advance Apps like Moneylion

Apps like 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 require 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. See also: How Does Zelle Make Money?

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.

Fintech 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.