Just in time Expanded its savings app, Set and saveto include a new AI-powered feature that identifies routine bills and automatically helps members save for upcoming payments.
New Smart invoices The feature uses artificial intelligence to understand a member’s financial habits and then allocates money for car payments, rent, utilities, insurance, subscriptions and other recurring expenses, the company said on Monday (July 27). press release.
Members retain full control of their funds and can set savings limits, pause savings or withdraw funds at any time, according to the statement.
Early members who used Smart Bills saved up to 48% more per month than those using the Set & Save app alone, according to the release.
“Set & Save makes it easier for people to build healthy financial habits in a way that works for their everyday lives,” said Oportun Chief Savings Officer Annie Ma he said in the release. “With Smart Billing, we help members link their savings to prioritized recurring expenses, so they can better budget, plan for the future, and feel more prepared when bills come due.”
the PYMNTS INTELLIGENCE a report “Generation Generation: How Financial Literacy Drives Financial Confidence“I found that although Millennials often earn lower-to-moderate incomes from entry-level jobs and gig work and may struggle to build up savings, they are more likely than other generations to cite living comfortably between paychecks as a financial goal.
“Millennials who lacked financial literacy tools while growing up are more likely to struggle to pay bills between paychecks,” the report said.
In another recent move, Oportun announced on July 9 that it aims to expand access to responsible credit through a new system Lending partnership with columna nationally chartered bank that provides regulated financial infrastructure to technology companies.
The partnership will see Column originate unsecured personal loans through the program, and Oportun will provide marketing, servicing and software support capabilities for its platform.
“Oportun’s mission has always been to help our members get ahead financially by providing access to responsible credit,” Gaurav RanaOportun’s Senior Vice President of General Manager Lending said at the time in a press release. “This partnership supports Oportun’s mission of empowering more people to build a better future by expanding access.”
