Money Management on Autopilot

Money management should be effortless, not a chore! Having to constantly update spreadsheets, set and stick to a budget, and transfer money between accounts, who has the time? It always ends up on the to-do list, and we promise ourselves we’ll do it tomorrow.

As part of our mission to help you live financially healthier, we knew we needed to automate your finances and encourage healthy habits, to keep you on track to reach your goals. This is why we’re excited to announce the launch of Autopilot. Autopilot is at the epicenter of living a financially healthier life, stress-free! Automatically managing and growing your money, without lifting a finger, well only one!

We’re just at the beginning of our journey in automating money management. With the release of our first Autopilot feature - Salary Sweeper. Every payday, we automatically sort your salary into your Bills Jar, Savings Jars, and make sure you’re stashing away for a Rainy Day. Ensuring you’re set up for success from payday and your money is organized. And this is only the beginning of what’s to come!

So, switch on Autopilot, sit back and relax, and let the magic happen.

Why should you put your money on Autopilot?

Automating your money management will ultimately get you to your goals faster, and is the most effective way to living financially healthier.

Making savings, paying bills, and investing a habit is now an easy one to maintain. It’s knowing that you are always saving, every payday.

By building a fully autonomous app, we continue to make features accessible to more and more people who are in need of financial guidance and assistance, so they can become financially healthier.

How does it work?

Machine learning

Machine learning is at the heart of Autopilot. Using trained models we have been able to simulate financial management decisions, usually performed by you. Our budgeting model detects, tracks, and predicts income and outgoing bill transactions to calculate optional budgeting requirements, fancy!

Here’s where it gets slightly technical, using categorization models we analyze transactions to reconcile them with commonly used merchants. Our prediction modeling takes in spending transactions to evaluate patterns, detect anomalies, and forecast financial status.

Each of our machine learning models has been designed with a specific task in mind. We’ve made sure that this design supports scalability and the flexibility to improve our accuracy over time.

Examples:

  • Detecting bill/income transactions and grouping them together - Budgeting

  • Detecting frequency patterns of bill/income to predict the next occurrence - Budgeting

  • Categorize transactions - Categorization

  • Reconcile transactions with known merchants - Categorization

  • Find spending patterns and detect abnormal spendings - Prediction

  • Forecast account balance for the next few periods - Prediction

Autonomy Algorithms

Autonomy Algorithms helps customers with mundane tasks such as cash flow management by making real-time decisions on behalf of yourself. Research shows humans tend to make decisions based on a set of predictable conscious patterns. We want to help users have more free time and mental capacity by automatically ‘sweeping’ (making authorized transfers) on behalf of the user for normal events such as budgeting per pay cycle and bill provisioning. Money management, cash flow maintenance, and debt repayment will form the core of Autopilot and are the cornerstones to achieving financial wellness.

Examples:

  • Automatically sweep a salary based on a recommended financial budget

  • Automatically provision money from other accounts for incoming bills

  • Automatically sweep money not spend

  • Automatically sweep money toward debt repayment

Recommendation engine

We want to provide our customers with optimal recommendations that are tailored to their core financial needs and savings goals. This powerful tool assists with decision-making and creating positive and sustainable habits. The engine will also provide suggestions for the most suitable wealth investment portfolio based on the user’s financial status, spending patterns, and risk tolerance.

Example:

  • Recommend optimal savings amount to reach a goal by a set goal date

  • Recommend spending amount

  • Alert user if the goal is not possible or too hard to reach

  • Recommend best wealth investment based on the risk profile

We want to be the Tesla of banking!

We’re serious! Our aim is for you to have your money managed autonomously, with no thinking, or worrying involved. You tell us what you want to achieve and we get to work on getting you there.

Think of us as a driverless car.

Douugh is currently at level 2, with banks at level 0.

And this is just the beginning, we won’t be at level 2 for long, we’ll be moving on up when we add our extensive list of sweepers. So go on, give it a try, go to ‘Autopilot’ in the ‘More’ screen or download Douugh today.

As always, we love to hear your feedback - got some ideas and suggestions or general feedback? Please email our product team at product@douugh.com.