Subscribe
Sign in
Monarch AI Assistant — Makes managing your money as easy as having a conversation
Introducing the first AI-powered personal finance assistant that makes managing your money as easy as having a conversation. Built on top of Monarch's best-in-class personal finance app, available on web, iOS, and Android.
29
Replies
@oaks Hey Ozzie, How does monarch plan to pay for this feature? By increasing subscription cost? GPT-4 is expensive, and I'm hesitant to think that the value add for seeing if I'm on track to buy a house will be enough to justify it when I can just click Goals myself and avoid typing out the whole question. Thank you for always innovating
Hi @corey_mcwilliams ! This is still really early, but we expect the cost of generative AI models to drop (and their quality to improve). And Monarch AI Assistant should can ultimately do a lot more than just answer simple questions about your money to give much more insightful answers (eg, it can combine its knowledge of your goal status with its knowledge of your spending and its knowledge of personal finances overall to say something like: "You are on track for your goal but you could get there 3 months faster if you cut your restaurant spend by $X").
@oao84 Congratulations on the launch of your new financial management tool powered by GenAI!💪 It's impressive to see how your team has harnessed the potential of artificial intelligence to revolutionize the way people manage their money and we're excited to see how your innovative solution will empower users to achieve their financial goals.👍
I'm a new Monarch customer, having recently switched from YNAB. Loving it so far and I'm excited to try this new feature out!
As a Monarch subscriber, it concerns me that my personal financial data will be sent to OpenAI if I engage with this assistant. This Help Center article (https://help.monarchmoney.com/hc...) says Monarch sends “the relevant financial data to OpenAI” yet it also says “data is never used by OpenAI to train OpenAI’s language model”. How can Monarch guarantee my financial data is secure if it’s sent to OpenAI? I don’t intend to use this chat feature until Monarch shares more information about how my data is protected.
As a Monarch Money user, this does not excite me.
There are PLENTY of other things I'd rather see the Monarch dev team working on rather than joining all the hustle bros jumping on the AI bandwagon. For example, an option for a much more data-dense layout (there's so much unnecessary white space!) Or the option to show a "running balance" in the transaction list, and not a (useless to me) "daily total". Lots of features to add that are more important than a way for ChatGPT to tell people they could save money by going to Starbucks less.
I think Monarch and Cheese can potentially work together to better help the user manage their financial health, we help users build credit while Monarch manages people's money flow. I think you can also add a money behavior summary to users, something that might be a surprise to the users, like you overspent on coffee compared to the community average... Overall this is a good product! Congrats on the launch!
Monarch is honestly great, it was my families successor to Mint and we couldn’t be happier. Thank you for continuing to make Monarch awesome!
lol the benchmark feature is funny. Curious how it works. I like the subscription cancelation, probably the biggest pain point for me is managing all of my different subscriptions across services / cards etc.
I'm looking forward to seeing how AI helps with finance tools, so this looks really cool. Can't wait to try it out!
I'm a huge fan of Monarch! It's by far the best budgeting/finance app I've found. Really interested to check this out :)
@Really impressive idea! Would it be okay to include your app in my directory? (producthunt.com/products/wikiaitools). Email us with your product details and we'll also help you get your app listed on 100+ AI directories.
Building this into a product that already exists is a huge advantage. I think the fact that y'all launched Monarch in 2021 gives a leg up on usability so there's less room for error. Great work!
Mint Data Exporter by Monarch Money