Spring Financial today launched an artificially intelligent financial technology tool for Canadians.
The new app, dubbed Bloom, is the first fintech AI tool in Canada that enables users to ask questions specific to their financial situation and receive personalized insights that simplify planning, according to a statement from Vancouver-born Spring.
The Bloom app (not to be confused with Toronto’s Bloom Finance) is home to a variety of features, including Oscar AI, an intelligent financial assistant ready to answer questions users have about their finances.
Spring Financial is a member of the BC Tech Association.
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For example, users can ask Oscar how much they spent on Uber last month, or how much they’re spending on subscription services, or even compare spending habits to average spending behaviours on any given item.
“The last few years have been a challenging financial environment for so many Canadians,” remarks Tyler Thielmann, chief executive officer of Spring.
Finances are becoming more complicated, according to the CEO, who last year lamented how Canadian banks are “stuck in a bygone era.” He believes “there has been very little innovation helping Canadians see their full financial picture in one place.”
Which is where Bloom comes in to play.
“Bloom uses industry-leading technology to offer users customized financial insights across all of their accounts, right at their fingertips,” Thielmann stated. “And with OscarAI, users can have their financial questions answered in seconds.”
In addition to Oscar, Bloom offers credit-building for Canadian renters through rent reporting, amongst other features.
The app integrates with all major financial institutions, according to Spring, allowing users to consolidate their accounts, including bank accounts, credit cards, and savings into a single feed and centralized hub.
Bloom is free to download, with premium subscriptions costing $12 per month.
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