AI Case Study
Mylo's app users can round up their purchases to the nearest dollar to save or invest the spare change triggered by predictive software
"Automated saving" is delivered through an app that consumers download. It syncs with major financial service providers so that when consumers make electronic payments the spend is rounded up to the nearest Canadian dollar and the difference is deposited in a back-up account.
Users download an app that synchronises with major Canadian financial service providers. When they make electronic payments the spend is rounded up to the nearest dollar and the difference is deposited in a back-up account. This enables "automated saving".
According to Mylo: "Over half of Canadian millennials have less than $1,000 in savings, regardless of their income. Mylo is working to change that with a simple, automatic and stress-free solution for saving money and building wealth."
Investment app launched in July 2017. According to Mylo it has been downloaded by over 150,000 Canadians.