Ranjit Sarai, Chief Product Officer at STACK, discusses changing spending habits and Stack´s use of AI ahead of Mobey Day Toronto.
1. How are people’s spending habits changing? What kinds of new financial products do consumers hope for?
Almost half of Canadians are living paycheque to paycheque and that number is higher for millennials. People are searching for products and services that can help them get back in control of their money and spend, save and share in a smarter way. Traditional financial management tools are often difficult to understand or focused on short-term solutions. An opportunity exists for simpler strategies to manage money more effectively and easily, increasing financial iQ and helping people reach their goals faster than ever before.
2. In what ways is STACK using AI for financial products?
STACK uses intuitive technology to transform data into personalized member benefits. Artificial intelligence and machine learning power real-time recommendations to help people manage their money more efficiently. STACK uses ML algorithms to help identify small behavioural changes that will result in big changes when it comes to making the most of what you have. We’re using the intelligence of technology to help people become the master of their money so it’s always there for what matters most.
3. Where do you see STACK in 5 years?
STACK will help Canadians transform our relationship with money. We’re taking on a topic that many people avoid talking about and bringing it to the forefront in a way that empowers our members. We will be working hard to continually enhance the product by listening directly to our members. In the future, we see STACK evolving to multiple products either directly through new STACK product or services or through our financial marketplace model.