‘Track and Plan’ app gives users a ‘personal financial adviser’
‘We at BPI are excited to unveil Track and Plan, our AI-powered personal finance management tool on the new BPI app.’
Daily Tribune‘We at BPI are excited to unveil Track and Plan, our AI-powered personal finance management tool on the new BPI app.’
The Track and Plan app facilitates tracking expenses, analyzing spending trends, or budgeting to help users grow their hard-earned money by offering a range of investment alternatives. | photograph courtesy of BPI
Managing finance and controlling spending is arduous, and keeping track of expenses is challenging, going from receipt to receipt or page to page. In truth, planning and executing a financial plan is critical in personal finance. Most people fail for various reasons.
However, personal finance apps could help you plan your finances and suggest investment opportunities. Recently, the Bank of the Philippine Islands rolled out its first-in-the-industry feature app called Track and Plan, which utilizes AI to track and analyze your financial activities, share insights on your spending habits, and even offer suggestions for more innovative financial investments — so you can plan for your future.
"We at BPI are excited to unveil Track and Plan, our AI-powered personal finance management tool on the new BPI app," says Mariana Zobel de Ayala, Consumer Marketing and Platforms Head at BPI. "We are leveraging technology to simplify money management to empower Filipinos to do more and improve their lives daily. This feature essentially scales BPI's seasoned and personalized financial advice to millions of Filipinos and is the next step forward in BPI's evolution. Our customers can look forward to more in-depth insights and actionable advice as we continue to develop this feature."
The app is available when you log on to your BPI app. It's the animated scrolling cards at the top of the screen. Based on your latest transactions, Track and Plan will generate insights around your cash flow and float up snippets to notify you of similar withdrawals made back-to-back.
You can get complete insight with more details when you click the notification and quickly contact BPI if needed.
Another insight could be about unexpected deposit changes from a familiar payor to your account.
When your balance is consistently high that it sufficiently covers your average monthly expenses, Track and Plan will suggest ways you can invest and grow your extra funds.
Track and Plan can also monitor trends in your spending and alert you in case your bill is higher than your average — so you can be more mindful of your budget.
This AI-powered tool generates unique insights that only you can view, and you can rest assured about the privacy of your financial transactions. It is the first of its kind in the industry. By design, Track and Plan will continue to give you new insights based on your app usage.
As AI learns from patterns or features in data, insights from Track and Plan get better the more you use it. BPI will also expand its capabilities in the coming months, so users will eventually have the option to turn on automatic monthly investments, schedule their most frequent transactions, and, best of all, stay on top of their spending and earnings with a built-in budget tracker. All these will be available exclusively on the new BPI app.
Time to "move app," don't you think?