United Kingdom-based robo-advisor Moneyfarm will be implementing artificial intelligence technology into its services, by using technology created by fintech chatbot Ernest.
The robo-advisor has acquired the technology behind the chatbot, the companies announced today.
This is not to be confused with Earnest the student lender, which was just acquired by student loan company Navient yesterday for $55 million.
This Ernest, which is also based in the U.K., was founded in 2015 and aimed to create a personal finance manager for its users powered by AI. Terms of the deal with Moneyfarm were not disclosed.
The chatbot’s former CTO and co-founder Lorenzo Sicilia will join Moneyfarm and head up the coming integration of the technology.
How exactly Moneyfarm is planning on using Ernest’s AI was also not disclosed, although the robo-advisor is examining several possibilities.
The robo-advisor might use Ernest’s technology for its own chatbot, used to onboard or otherwise acquire customers; the company is also considering the possibility of using it to create its own personal financial manager.
Moneyfarm’s version of the finance manager would offer financial advice to a user based on that customer’s transactional data.
Read more at TechCrunch and FTAdviser.