I first reviewed Cleo’s financial assistant a good seven years ago. After rereading my review, I remember Cleo largely meeting my expectations ; a financial assistant helping users manage and save money. In the last sentence of my review I expressed a desire to “see how Cleo will develop further over the coming months, in becoming truly ‘intelligent’ about my spending habits and ways for me to save money.” A few months have turned into a few years, and I’m curious to see how Cleo’s Financial Assistant has developed over the years.
I first reviewed Cleo back in 2017 when the app was still available in the UK. In 2020 Cleo shut down its UK operations and started focusing exclusively on the US market. Cleo’s mission is the still the same though: helping people manage their budget more effectively, saving money and avoiding declined transactions. What has changed is the inclusion of AI in Cleo’s mission statement:
“We’re on a mission to help everyone live beyond the next paycheck, implementing AI effectively to help our users feel less stressed about their money.”
Indeed, the Cleo homepage now encourages people to “Meet the world’s first AI Money Pro” and the conversational example shows how Cleo uses natural language to communicate with her users.
Cleo has integrated with multiple LLMs to use the financial and conversational data it has been collecting since its inception to offer users highly tailored advice and feedback on managing their finances. Features like Haggle It, Roasting and Hype are good examples of how Cleo helps users manage their budgets in an accessible but effective way:
Haggle It — The “Haggle It” feature lets users negotiate the best deal for your rent, credit card interest rates or car insurance. When I try the demo online to negotiate my rent, I don’t get a quote but I do get a feel for the kind of the questions that Cleo will ask me to help me get a better deal.
There’s an important asterisk to the “Haggle It” feature: “*The following content was generated by an AI-based system based on specific requests asked of the AI system. Content should not be construed as legal or financial advice, opinions or guidance. Cleo does not guarantee the accuracy or reliability of this content. For more on how ChatGPT may use your personal information or submitted answers, please refer to OpenAI’s privacy policy, available at https://openai.com/policies/privacy-policy.”
Roasting — If you use Cleo in her “roast” mode, expect a virtual assistant that doesn’t pull any punches. Cleo’s intention is good though; picking up on spending bad habits in order to educate the user.
Hype — Cleo’s “Hype” mode encourages users when they’re making financial progress, showering praise if users are meeting their financial goals.
Finally, Cleo now also offers credit products such as early cash advances and emergency cash coverage.
Main learning product: I really like how Cleo has evolved since my last review. Using LLMs to power its compelling conversational design, Cleo is a powerful tool in help users managing their finances.
