AI-powered apps redefine personalised money management

In the era of artificial intelligence (AI), convenience has become a way of life with everything from groceries to gadgets accessible at the tap of a button. Financial management in India is riding this AI wave, transforming how individuals save, spend, and invest.  

The AI-powered financial tools are reshaping personal finance by offering advanced features like consolidated account views, automated bill reminders, and detailed spending analyses. From tracking daily expenses to optimising investments, these apps empower users to easily make informed decisions. AI is not just simplifying money management — it’s making it smarter.  

For example, Jumpp is an AI-driven platform that empowers users to manage their financial needs from banking, savings, payments, investment and borrowing, all under one unified app interface. 

“With the account aggregator framework, the application consolidates all user-linked accounts into a single, unified view. Jumpp’s AI functionality goes beyond basic interactions. It identifies spending patterns and offers personalized financial guidance to help users make informed decisions,” says Sarvjeet Singh Virk, Co-founder & MD, Jumpp. 

What does the super app offer? The YES Bank-powered savings bank account on Jumpp offers services like zero-balance savings bank account, payment services like NEFT, RTGS, IMPS, and investment options like fixed deposits. Its eBill Payments service allows users to pay utility bills like electricity, water, gas, mobile recharges, and DTH in one place. 

Powered by Shoonya by Finvasia the platform also enables trading in Indian stocks within the cash segment of the NSE, allowing investors to buy and sell shares. Users are able to check their net worth calculation by linking their assets and manually entering their liabilities. "The app will be offered to the general public in the next few months. Currently, it is available to a closed group of employees and Shoonya clients," says Virk.

Many other apps like Cred Money and several banks are leveraging these advancements. They track spending patterns, categorise expenses by merchant type, and provide actionable insights. 

These apps are built on the foundation of account aggregators (AA). While AAs don’t use AI themselves, their consent-based data-sharing system creates a foundation for AI-powered solutions that add value for customers. 

“Account aggregators are data blind, meaning they cannot access or analyse customer data themselves. Their role is limited to securely facilitating consent-based data sharing between Financial Information Providers (FIPs) and Financial Information Users (FIUs). However, the data-sharing mechanisms enabled by AAs empower FIUs—such as personal finance management apps, registered investment advisors, banks, and NBFCs—to deploy AI to deliver advanced financial services,” says BG Mahesh, CEO of Sahamati, an industry body.

AAs—introduced in 2016 as a category of RBI-regulated NBFCs—enable individuals to securely access and share financial data across institutions with explicit, informed consent. Through this consent management service, AAs act as a single point of contact for customers to give, manage, review, and withdraw consents from Financial Information Users (FIUs) to access their data from Financial Information Providers (FIPs). The AA ecosystem, publicly launched in 2021, facilitates seamless sharing of financial data from sources like banking, investment, insurance, pensions, and GSTN, explains Mahesh.