Meet Cleo, the AI friend you can text about your finances
Cleo offers intelligent insights into your spending patterns, trends and budgets all via text message or Facebook Messenger.
The rest of this guide will explain everything you need to know about Cleo, to help you decide whether it’s for you.
What is Cleo?
Since its launch in 2016 Cleo has grown exponentially, currently helping 90,000+ users have a clearer and more positive relationship with their budgeting. Cleo uses artificial intelligence to analyse transaction transaction data on your bank account. It’s creators strongly believe in the power of new technologies to help us manage finances better.
Meet Cleo: The AI that looks after your money.
- Intelligent insights
- Spectacular visuals
- Save simply
- Certified bank-level security
- Dedicated customer support
How does Cleo work?
By providing Cleo with your online banking login it is able to securely analyse your transaction data. Cleo will then use this information to provide users with a clear insight to their spending habits. Once you are connected you can contact Cleo via text or Facebook Messenger.
- Set and keep track of daily, weekly or monthly budgets.
- Check your direct debits.
- View your balance.
- Check latest transactions
- View your spending habits split up into categories.
Cleo is free to use, quick to set up and makes it easy to keep an eye on your spending.
Is Cleo safe?
Cleo gain read only access to your account, meaning they can only view encrypted transactions. They use bank-level 256-bit encryption and security services. No one can every move money in or out of your account.
Your data will never be stored on Cleo’s servers.
Cleo are in fact so confident in your safety that they pledge to cover you up to £85,000, equivalent to the FSCS deposit and savings guarantee.
Pros and Cons
- Easy to use, sign up in less than 2 minutes and contact Cleo from your mobile phone.
- Intelligent insights into your budget and spending.
- Bank-level security with the £85,000 pledge.
- Great for those who aren’t particularly engaged with their money.
- Cleo may not be useful for people who are already in the habit of saving
- Some may not be comfortable giving cleo access to their online banking.