25 June 2017
Visit cib.db.com

Chatbot savings app Plum partners P2P lender Ratesetter

22 February 2017  |  6439 views  |  0 hipster suit with phone

British AI-powered savings Facebook Messenger chatbot Plum is to start steering users that are willing to take on risk in exchange for higher interest rates to P2P lender Ratesetter.

According to Moneyfacts, the average UK rate on easy-access accounts is 0.15%, while the average return earned by RateSetter investors to date is 4.7%.

Developed by Victor Trokoudes and Alex Michael, part of the early teams at TransferWise and Tictail, Plum connects to a user's bank accounts to analyse daily spending and puts aside spare funds every couple of days.

The money goes into users' Plum savings account but the Ratesetter deal means that people can also now choose to earn a better rate - if they are willing to take on the associated risk.

Says Trokoudes: "A quarter of people in Britain don’t save according to recent figures from ING. One reason for this is because people don’t see instant and significant benefits from high street banks - these savings accounts as we know them are dead and rendered useless by many consumers, particularly millennials."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Chatbot savings app Plum raises seed funding

Chatbot savings app Plum raises seed funding

11 October 2016  |  7001 views  |  0 comments | 14 tweets | 2 linkedin
RateSetter gets £20m investment

RateSetter gets £20m investment

30 March 2015  |  9156 views  |  0 comments | 12 tweets | 7 linkedin

Related blogs

Create a blog about this story (membership required)
visit wavestone-advisors.co.ukvisit www.finastra.comvisit www.www.fisglobal.com

Top retail banking topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
9972 views comments | 4 tweets | 5 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
9397 views comments | 20 tweets | 27 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
9096 views comments | 3 tweets | 4 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
8460 views comments | 8 tweets | 25 linkedin
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
7647 views comments | 19 tweets | 33 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job