It also took six months of development with a team at Meniga working full time to get this first version out. Machine learning algorithms have been built into Meniga’s Challenges that recommend appropriate “actionable challenges” tailored to the individual user. “First-generation personal finance management (PFM) solutions that require a high degree of motivation and typically attract the conscientious minded, generally manage to sustainably engage +20% of the digital banking user base,” Ludviksson pointed out. Set against these figures early testing of Meniga Challenges is claimed to have shown “high levels” of engagement from people who struggle financially, while also keeping the motivated groups engaged. Digital BankingSpeaking on the sidelines at Finovate, Ludviksson said: “Digital banking should be both personal and inspiring.

Source: Forbes February 07, 2017 17:32 UTC