Upcoming Aussie fintech Douugh has a goal to make its users “live financially healthier” with the aid of a ‘smart’ app-based account that aims to make managing money effortless.
Douugh is based in Sydney and is set to release a money app, linked with a Debit Mastercard, that focuses on setting savings goals, making spending targets and ultimately achieving financial freedom. The app will include features like a Personal Artificial Intelligence Assistant “Sophie” who can be asked to help users with, and eventually perform, many in-app functions.
Currently, the Douugh app isn’t available for download from the Apple App Store or Google Play Store. You can sign up for early access though, and don’t be surprised if they launch sooner rather than later.
While Douugh hasn't fully launched in Australia quite yet, the Douugh Debit Mastercard is likely to be linked to the Douugh account that can be accessed via the app. This card will likely operate in the same way as a regular debit card, in the sense that it can be used for online and offline purchases and to withdraw cash from ATMs.
Not only is this card likely to be set-up with Tap&Go, but users will also be able to make use of digital wallets like Apple Pay so that they’re able to make easy transactions all from their smartphones.
Even though Douugh isn’t available to download just yet, the app is set to come with some unique features which are worth highlighting.
Backed up by Artificial Intelligence, Sophie is designed to be there whenever you need and can be asked questions through the app’s chatbot. She can help you with other features on the app like setting spending targets or simply updating you on where your money is going, and may actually be able to do transactions for you one day. Douugh creators hope to develop the technology further so that it may eventually be compatible with other AI assistants like Alexa and Siri.
With financial health at its core, the Douugh app will monitor users’ spending habits month to month and provide feedback on their financial health through colourful in-app graphs.
In order to manage your spending and set up targets within the app, Douugh’s designers have created a clearly listed, graphed and colour-coded system that places your transactions in different categories like food and drinks, bills, coffee and other expenses. This way users can clearly visualise where their money is going, and adjust their spending habits according to their targets.
To help users save for things like their next holiday or a fresh set of wheels, Douugh have established Savings Jars which can be created and named separately per savings goal. The app automates your savings according to your desired amount in each jar and provides guidance along the way to help ensure success.
For people who need a little extra help when it comes to saving, hitting financial goals or managing their money, Douugh could be exactly what they need.
This clever app, connected to the Douugh Mastercard, has the ability to tailor itself specifically to its users’ spending habits through a range of innovative in-app features. These include a personal AI assistant, financial health graphs and updates, categorised spending targets, as well as unique savings jars.
An app like this may be perfect for tech-lovers or anyone looking for a different way of getting on top of their finances, but not all Aussies desire a solely digital banking experience.
Douugh will likely not provide services like over-the-phone banking and in-branch consultation, which may not fit the needs of people who prefer traditional banking. Douugh's product range may also be too limited for some Australians as they do not (at least, they haven't announced any plans yet) offer credit cards or home loans.
Douugh is still yet to launch their app on the App Store or Google Play Store, but it’s fair to assume that once they do the entire sign-up process will be within their app.
So in the meantime, you can sign up for early access on their website by providing your email. That way you can get all the latest updates and info on when Douugh is set to hit the market.