#BigDNT November: Olivia.ai

At last week’s Dallas New Tech, Cristiano Oliviera, the CEO of Olivia.ai, presented. Oliviera opened by explaining that his company solves the problem that is the #1 cause of distress for 75% of adults in America: money.

For the millions of adults living in America, Oliviera explained that:

  • 76% live paycheck to paycheck
  • 71% are spending more YoY
  • 66% are in credit card debt

Many believe that just one financial burden, such as buying a house or a car places people in debt or force them to live paycheck to paycheck. Instead, he explained, adults make 6-10 financial decisions a day, which all add up to an adult’s financial health.

Another misconception is that people don’t want help – when in fact 73% of adults agree they need professional assistance with their finances. When people look for help, they’re placed into three categories of aggregation and budgeting, internet banking, and custom spreadsheets.

The problem is that there is a focus on what, instead of how. So for example, a customer is told they’re spending too much on groceries, but aren’t advised on how to save money on their grocery bill.

In America, 60% of adults don’t have a budget or keep close watch on their spending. So to solve this problem, Oliviera created the AI-powered financial assistant called Olivia. With Olivia, you can chat, connect your bank account(s), and get notifications on opportunities to save money. All you have to do is simply download their app and connect your accounts.

So how does Olivia help you save money? She learns about your finances and habits, then can calculate how much you’re able to safely spend in a day. Her solutions ensure that your paycheck is stretched while also offering advice on money spent.

For example, Olivia could suggest that you re-negotiate your health insurance if you haven’t done so recently.

What may sound like saving a just few dollars here and there, in reality all adds up in the long run to help users improve their financial health.

Sophie Hatch