Tag: artificial intelligence

  • How to Build Winning Consumer Finance Applications in the Age of AI

    Artificial intelligence is transforming nearly every industry, but few sectors have as much opportunity as consumer finance.

    Today’s consumers expect financial products to be as intuitive as the apps they use every day. They want faster decisions, personalized guidance, and experiences that feel simple—not overwhelming.

    At the same time, millions of people still avoid applying for financial products because they assume they’ll be denied, don’t understand how credit works, or simply don’t know where to begin.

    Building winning consumer finance applications isn’t just about adding AI. As we’ve learned at TomoCredit, it’s about creating experiences that help people feel informed, confident, and supported throughout their financial journey.

    During my recent interview with FintechTV, we discussed how AI is reshaping consumer finance and why personalization is becoming one of the industry’s biggest competitive advantages. (Watch the full interview below.)

    What Makes a Great Consumer Finance Application?

    The best consumer finance applications solve real problems for real people.

    That means moving beyond traditional application forms and creating experiences that help users understand their options while reducing unnecessary complexity.

    Successful financial applications typically focus on five core principles:

    • Simplicity over complexity
    • Personalization instead of one-size-fits-all experiences
    • Transparency throughout the application process
    • Trust through responsible AI and data protection
    • Education that empowers better financial decisions

    Technology should make finance feel easier—not more intimidating.

    Start With the Customer Experience

    Many financial products are designed around internal systems rather than customer needs.

    The most successful fintech companies flip that approach.

    Instead of asking, “What information do we need?” they begin by asking, “What is this customer trying to accomplish?”

    Someone building credit for the first time has very different needs than someone with years of financial history. A recent immigrant entering the U.S. financial system faces different challenges than a recent college graduate.

    Modern consumer finance applications should recognize these differences and adapt accordingly.

    AI Should Make Finance More Personal

    Artificial intelligence allows financial platforms to move beyond generic recommendations.

    Instead of presenting the same information to every customer, AI can provide personalized education, tailored financial insights, and next-best actions based on an individual’s unique circumstances.

    This creates a better customer experience while helping users make smarter financial decisions.

    The goal isn’t replacing people with AI.

    It’s helping people navigate financial decisions with greater confidence.

    Reduce Friction at Every Step

    Application abandonment remains one of the biggest challenges in digital finance.

    Every unnecessary question, confusing screen, or lengthy process increases the likelihood that someone gives up before completing an application.

    Winning consumer finance applications remove friction wherever possible.

    That includes:

    • Using plain language instead of financial jargon
    • Explaining why information is being requested
    • Providing real-time guidance throughout the application
    • Eliminating unnecessary steps
    • Designing mobile-first experiences

    Good design builds trust.

    Great design builds confidence.

    Trust Is the Foundation of Consumer Finance

    Financial institutions ask customers to share highly personal information.

    That means trust can’t simply be a marketing message—it has to be part of the product experience itself.

    Consumers should understand:

    • Why their information is being collected
    • How AI is supporting financial decisions
    • How their data is protected
    • What factors influence recommendations

    Transparency helps people feel more comfortable engaging with financial products.

    The Future of Consumer Finance Is Human-Centered

    The companies leading the next generation of fintech won’t necessarily be the ones using the most advanced technology.

    They’ll be the ones using technology to remove barriers, improve financial literacy, and create experiences that genuinely help people succeed.

    At TomoCredit, we’ve always believed that innovation should expand financial opportunity—not create additional complexity.

    AI gives us an incredible opportunity to personalize financial guidance, improve accessibility, and help more people build stronger financial futures.

    That’s the future of consumer finance we’re excited to help build.

    Watch the full FintechTV interview below to learn more about how AI is transforming consumer finance, personalization, and the future of financial technology.

  • Why People Are Turning to AI for Financial Advice

    A few months ago, asking ChatGPT for financial advice might have sounded…odd. 

    Today, it’s becoming the norm. 

    People are asking AI whether they should pay off debt or invest. They’re using it to create budgets, understand credit scores, compare financial products, and make sense of complex financial decisions.

    In a recent Fast Company article, I explored why people increasingly trust AI with financial questions. What struck me most wasn’t the technology itself. It was what this shift says about the relationship consumers have with money.

    People aren’t necessarily looking for more financial products.

    They’re looking for guidance.

    Why Consumers Are Turning to AI

    For many people, money feels intimidating.

    Financial terms can be confusing. Credit scores often feel mysterious. And despite having more financial tools available than ever before, many consumers still feel like they’re navigating their financial lives alone. And trust me, I know from firsthand experience as an immigrant navigating the American credit system. 

    AI changes that dynamic.

    Instead of spending hours searching through articles or waiting to speak with a financial professional, consumers can ask a question and receive an answer instantly.

    Questions like:

    • Why did my credit score drop?
    • What’s the fastest way to build credit?
    • Should I pay down debt or save money?
    • How much should I spend on rent?

    These aren’t uncommon questions. They’re everyday financial decisions that millions of people face.

    The difference is that AI makes it easier to ask them.

    The Real Reason People Trust AI

    Many people assume consumers trust AI because it’s smart. I think the answer is more human than that. People trust AI because it feels accessible.

    There’s no judgment.

    No embarrassment.

    No fear of asking a question that feels too basic.

    Consumers can ask the same question three different ways until they understand the answer. They can explore financial concepts at their own pace. They can admit what they don’t know.

    For many people, that’s a more comfortable experience than traditional financial education.

    What This Means for Financial Services

    The rise of AI isn’t just a technology story.

    It’s a consumer behavior story.

    For years, financial institutions focused primarily on providing products. Consumers, meanwhile, were looking for education, guidance, and personalized recommendations.

    The popularity of AI highlights a growing expectation: people want financial information that is personalized, immediate, and easy to understand.

    The companies that succeed in the next decade won’t simply offer financial products.

    They’ll help consumers make better financial decisions.

    Where AI Still Falls Short

    That doesn’t mean AI should replace human expertise.

    AI can provide information, explain concepts, and help consumers understand their options.

    But context still matters.

    Financial decisions are personal. Two people with the same income can have completely different goals, obligations, and risk tolerances.

    That’s why the future of financial guidance isn’t AI versus humans.

    It’s AI and humans working together.

    The Next Evolution of Financial Advice

    At TomoCredit, we’ve seen firsthand how much consumers want personalized financial guidance.

    The challenge isn’t access to information. The internet already has more financial content than anyone could ever consume.

    The challenge is relevance.

    Consumers don’t want generic advice. They want guidance that reflects their actual financial situation, goals, and behavior.

    That’s where AI has the potential to create meaningful change.

    Not by replacing financial expertise, but by helping people understand their options, build confidence, and take action.

    The growing trust in AI for financial questions isn’t really about technology.

    It’s about people searching for a better way to navigate their financial lives.

    And that’s a trend that isn’t going away anytime soon. 

    For a deeper dive into this topic, you can read my Fast Company article, “Why People Trust AI With Financial Questions.”