Runway Incubator | The Innovation Blog

Runway Member Highlight: Dobot, A Financial Advisor Powered by Artificial Intelligence

Posted by Joe Vasquez on Apr 25, 2016 2:43:28 PM

With over 72 million Americans not having any form of savings, and a generation of Millennials who do not trust most major banks, the concept of personal saving and investing can be daunting. This is what the creators of Dobot hope to change. With over 70 years of collective experience in the financial services industry, founders John Longley, Brad Pope, and Brian Davis are utilizing their immense experience to create Dobot, a personal mobile financial advisor.

What is Dobot? How does it compare to other financial services like Mint?

Dobot is an integrated holistic solution, powered by data and artificial intelligence. It provides the same services as a financial advisor, while getting to know you through observing your financial behavior. Dobot then utilizes this data to bring its users the services and advice which have often been reserved for the wealthy. Dobot connects the core components of financial health - saving, spending, borrowing, and investing to provide a holistic solution that is deeply aligned with the users’ daily lives and life goals. It is this concept and experience which makes Dobot different from other competitors.

There are a lot of financial apps that provide information and advice but the problem for people is the difficulty of executing on the advice. For example, Mint is a budgeting app, which is only one part of your financial health. With that said, Mint is skilled at notifying users of their financial footprints, but Dobot aims to do much more for its users. While it does monitor your spending, Dobot also helps you plan for the future and set personalized goals for your financial health. Dobot then takes this information one step further by actually saving and investing for the user. By connecting to a bank account, Dobot withdraws money when you have it and deposits it into an account to save and invest.

Co-founder John Longley describes this experience perfectly, “At the core, Dobot is giving you the opportunity to create individual goals to begin planning, saving and investing for the things that matter most in life.” The Dobot team, with its many years of experience, knows that research shows that individuals who have a personal connection to their financial goals are twice as likely to succeed!

So why should I use Dobot?

Unfortunately, managing personal finance can seem daunting and overwhelming. Frankly, the industry doesn’t make it any easier because they are focused on their products and not on the way people manage their lives. Companies such as Dobot highlight the many financial issues that millions of Americans face. With Millennials being the largest generation of our time, the conceived notion of banking and personal finance is changing. Many young Americans are finishing college with massive amounts of debt and a distrust towards major banks. However, with empowering companies such as Dobot, financial security is now a simple touch away via your phone. The ultimate goal is for you, the user, to achieve a healthy financial state so you can do more than just “get by”.

Interested in learning more about Dobot? Check out their website and sign up for their upcoming beta:

Introduction Video:

Joe Vasquez

Written by Joe Vasquez

Joe has a passion for helping entrepreneurs and corporations to innovate. He was an early co-founder of StartX, an accelerator for Stanford entrepreneurs. Prior to joining Runway, Joe taught at the Kauffman Fellows Academy and was a Data Analyst Fellow at LocoMotive Labs. Joe started his career in investment banking at Goldman Sachs and spent two years teaching bilingual math with Teach For America. Joe holds a BS in Atmosphere & Energy Engineering from Stanford University.

Topics: Advisor, App, Banking, Business, Dobot, Finance, Fintech, Interviews, Investing, Savings, Technology