Plum, a finance firm, has launched an innovative AI tool designed to assist users in making informed financial decisions and improving cash returns. This development coincides with government reforms aimed at expanding access to financial guidance for those without resources for professional advice. The ‘Ask Plum’ feature, powered by Google’s Gemini, engages users through a conversational interface to assess their financial health, savings capabilities, and risk tolerance. Unlike other banking apps, Plum’s tool stands out by fostering interaction to streamline decision-making. Users can also link accounts from various banks to get a comprehensive view of their finances. While the AI feature is available to all, advanced insights are exclusive to premium users. The long-term goal includes targeted support to encourage investment, promoting better financial outcomes. Plum, although not a bank, ensures security through FSCS protection, holding user funds with established banks like Investec and Lloyds.
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