The pandemic definitely changed how people spend their money. According to a recent survey by the European Commission, in 2020, 71% of consumers shopped online. With purchases becoming more convenient, it’s important to be aware of our expenses and stay in control of our finances
Of course, this is easier said than done, especially if you don’t have the time to manually track every penny that goes in and out of your bank account. That’s where AI-powered banking expense management comes in.
With this technology, you can automate the process of tracking your spending, allowing you to stay on top of your finances. You’ll see how much you pay for different things like food, travel, or rent. What’s more, you can set limits on how much you can spend in each category. Indeed, you’re becoming aware of your spending habits and consequently keeping your finances under control!
When you go on a trip, you use their debit cards to pay for various things. An AI-powered expense management system will collect all your spending data and put it into respective categories like hotels, transportation services, or food.
So, you know exactly how much money each category costs you over time! You’ll see if there are any irresponsible patterns in your spending habits, which will help you make smarter financial decisions going forward.
AI-powered banking platforms allow you to put restrictions on how much you can spend and how much vendors can charge you. You can establish spending limits and approval procedures for expenses. As a result, you can avoid going over the budget. AI-powered banking learns user spending behaviour and automates financial control down to the merchant level.
An excellent way to track your spending and stay within budget is by automatically limiting how much you can shell out in each category. For example, if you want to limit your travel expenses, the system will only allow you to spend a certain amount on transportation, lodging, and food. This approach is ideal for anyone who wants to be more mindful of their spending and stay in control of their finances.
You can also use an AI-embedded banking app to learn about your spending habits and projected expenses. For instance, with Tirnu, you can get automated and scheduled financial reports. Your spending data will be presented in easy-to-understand graphs, allowing you to get insights into your regular expenses.
By taking advantage of Tirnu’s AI-powered expense management system, you can stay on top of your finances and make smart spending decisions.