Artificial intelligence transforms the banking industry

AI impacts almost every part of our lives

Robots are taking over the world! At least that’s what movies like I, Robot and Terminator would have you think.

Artificial intelligence (AI), which is the development of computer systems able to perform tasks that normally require human intelligence, is rapidly becoming an intricate part of our lives (often, without us realizing it). I wake up in the morning to check Facebook, like everyone else, and see a personalized news feed based on my interests. I turn on Spotify, and I am served a playlist of songs based on my listening history. This is all a form of AI called machine learning that uses algorithms to give us the content it knows we like!

Now, imagine how AI and machine learning could help you manage your finances, so you’re better able to save and invest. The future is now, and the technology is at your fingertips.

Is that an entire bank in your pocket?

Gone are the days of needing to walk into a bank to deposit your paycheck. Apps like MoneyLion give you the ability to manage your finances anytime (and anywhere) using your mobile device. The MoneyLion Zero-Fee Checking Account℠ has no monthly service fees, no overdraft fees, and no required minimum balance. Within the app, you’ll receive daily financial tips based on your spending habits to encourage healthy financial behavior. You can even borrow money from your future self by getting a 0% APR Instacash℠ cash advance whenever you need to top off your account.

Investing has never been simpler

Robo advisers, which provide digital investment guidance with no (or moderate) human interference, have been around since 2008. So it’s no surprise that this platform is transforming the financial industry as we know it. At MoneyLion, we bring sophisticated investment products to millions of Americans. In fact, 93% of our members are first-time investors. MoneyLion allows you to invest your money in a personalized portfolio that’s tailor-fit to help you reach your financial goals with no management fees.

AI is here to stay

Needless to say, AI is likely to impact both users and our economy even further as time goes on. From making personal finances manageable to providing investment opportunities to the masses, AI is revolutionizing the financial services industry — and that includes your wallet.

Disclosures MoneyLion Checking account provided by Lincoln Savings Bank, Member FDIC. Cash Advance requires MoneyLion Bank Account and Direct Deposit. Terms and Conditions Apply. See Banking and Cash Advance FAQs for more information.

MoneyLion Checking Account and Direct Deposit required.

Investment Accounts Are Not FDIC Insured • No Bank Guarantee • May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Broker-Dealer may charge a $0.25 withdrawal fee, among other fees.

*MoneyLion membership required. View full terms and conditions here.