WeMoney, an Australian financial wellness platform, has announced a collaboration with Google Cloud to develop an AI-powered credit health education assistant, named 'WeMo'. This initiative marks the first instance in Australia where an AI tool of this nature is backed by Google.
Google initiated the partnership with WeMoney at the beginning of the year, leading to a joint research and development effort aimed at creating this innovative solution. The collaboration utilises Google Cloud's AI platform, Vertex AI, with the goal of aiding Australians in understanding and improving their credit scores.
According to a recent survey conducted by WeMoney, nearly 59% of Australians are unaware of their credit score. WeMo seeks to bridge this knowledge gap by providing personalised insights and actionable education to users, helping them improve their credit health and make informed financial decisions.
Dan Jovevski, Founder and CEO of WeMoney, expressed enthusiasm over the partnership. "We are thrilled to partner with Google Cloud and harness the power of Vertex AI to revolutionise safe and responsible credit health management in Australia," he said.
Jovevski emphasised that WeMo is a significant step towards improving financial well-being in the country. "Too many Australians struggle with understanding their credit health, which leads to longer-term consequences that could easily be addressed only if they knew how decisions could impact their financial futures," he added.
WeMo is designed to be seamlessly integrated into the WeMoney app, offering a user-friendly and interactive experience. Key features include:
- Personalised credit score insights: WeMo will provide users with a clear and concise understanding of their credit scores, including the factors that influence them.
- Actionable education: Based on the user's credit profile, WeMo will offer tailored education on how to improve their credit scores over time.
- Educational resources: WeMo will give users access to educational content about credit management, empowering them to make informed financial decisions.
This collaboration symbolises a significant milestone in the Australian fintech landscape, according to the company. By combining WeMoney's expertise in financial services with Google Cloud's AI capabilities, the partnership aims to deliver innovative solutions that address the evolving needs of Australian consumers.
WeMo is scheduled for a broader public release in late September, following a period of invite-only testing among WeMoney members. Both WeMoney and Google Cloud have committed to ensuring the highest standards of AI safety and security throughout WeMo's development and deployment.
Matt Zwolenski, Director and CTO of Google Cloud Australia & New Zealand, highlighted the transformative potential of AI-driven solutions for financial wellness. "AI-driven solutions have the power to revolutionise financial wellness by offering consumers personalised and actionable insights to achieve their financial goals," he said. "By utilising Google Cloud's leading AI technologies, WeMoney will provide new tools that tackle complex challenges, accelerate innovation, and ultimately deliver more value to customers."
