How Cleo AI and Bright, personalized AI chatbots offering financial advice, often function as a way to sell high-interest loans and cash advances to young users
AI finance apps are reaching Gen Z and millennial users with personalized chatbots that offer money advice—and upsell them big-time. Bluesky: @carnage4life , @sylonzero , @sylonzero , @andycarr , @thiccreese , and @wired.com . LinkedIn: Robert Kozma Ph.D. Bluesky: Dare Obasanjo / @carnage4life : The business model of AI chatbots, like Cleo AI and Bright, that offer financial advice is to upsell people to take on high interest credit cards or cash advances. — This is similar to apps like Credit Karma which also upsells products that actually run counter to the idea of the app. Sai / @sylonzero : I thought it was bad when data mining and predictive analytics were being applied to our social media data with awful biases and a commercial agenda but this actually sounds worse... Sai / @sylonzero : I thought it was bad when data mining and predictive analytics were being applied to our social media data with awful biases and a commercial agenda but this actually sounds worse... [embedded post] Andy Carr / @andycarr : deafened by the sound of red flags flapping violently in the breeze here: [embedded post] Reece / @thiccreese : For @wired.com, spoke with the CEO whose AI chatbot makes $$$ by upselling poor young people living paycheck to paycheck: — www.wired.com/story/ai-fin... @wired.com : Okay, now let's take a look at your money. Do you want to be debt free by 2025? Do you want to buy a house? AI finance apps are reaching Gen Z and millennial users with personalized chatbots that offer money advice... and upsell them big time. — Would you use one? LinkedIn: Robert Kozma Ph.D. : Despite the promise of Techno-Optimist billionaires that AI will generate abundance to “benefit everyone”, it seems much more likely to become a high-powered …