Money-Saving App, Clarity Money, Now Available for iPhones
Personal finance app Clarity Money is now available in Apple’s App Store. The app uses artificial intelligence and data science to negotiate bills, cancel subscriptions and help users save money.
“Clarity Money’s mission to give consumers a financial advocate as they navigate their financial lives is an incredibly exciting use of data science and artificial intelligence. Plus, it provides a seamless and engaging user experience that is almost fun,” said Jeremy Levine, Partner at Bessemer Venture Partners, a Clarity Money investor.
During beta testing, Clarity Money users saved $300 a year by identifying and eliminating wasteful spending. The app allows users to manage their entire financial life in one place, and notable capabilities include:
- Canceling subscriptions. Many Americans are paying for subscriptions they do not use. Clarity Money identifies recurring payments and allows users to cancel them directly from the app.
- Personalizing credit cards. The app uses a rules-based credit card search engine to help users find the right card. The app also reviews users’ transactions and calculates which credit card would be best suited for their spending habits.
- Bill negotiation. Clarity Money can use data science to identify which bills are negotiable. Users can push a button to activate negotiations and have their bills lowered.
- Creating savings account. Most people know they need to save, but few are saving enough. Clarity makes it easier to open a savings account.
“I have high conviction that the transformation of financial services by technology will have a bigger aggregate impact on the world than the transformation of transportation,” said Niall Ferguson, a Laurence A. Tisch Professor of History at Harvard University and Clarity Money Advisory Board Member. “Clarity Money painlessly educates everyone who uses it about managing their own finances. What better thing to automate than the teaching of financial literacy?”