Many people don’t realize the true extent to which artificial intelligence (AI) and machine learning have on their lives and the choices they make every day. Whenever YouTube recommends a new video, Netflix suggests a movie or series, Amazon uncovers a book, or even Facebook (News - Alert) advertises a product, those decisions are all made using algorithms generated using a combination of AI and machine learning with personalized consumer data.
Entertainment and retail are only two of the most common industries where AI and machine learning have become more predominant over the past two decades. Today, virtually every industry utilizes these technologies to create a more robust and rich personalized customer experience (CX) as consumers require faster and broader access to larger quantities of more accurate data in order to make better informed decisions. As such, it’s no surprise that this technological shift has steadily become more prevalent in the finance industry, but especially so within the realm of FinTech where digitizing physical receipts is quickly becoming standard practice.
Most of us are no stranger to the hassle that comes with storing, sorting, and tracking our receipts for tax purposes, but for those who own a business or are self-employed, the arduous process of tracking receipts and expenses from physical receipts to digital spreadsheets one-by-one is a daunting task that must be done year after year. Because of this, consumers are craving a solution that streamlines their receipt-tracking process into a much more convenient one, which is precisely what Toronto-based startup Qeepem seeks to accomplish.
Qeepem is a free mobile app that uses AI and machine learning to scan, organize, and store all of your physical receipts in one secure digital location. According to Saeed Gharnagh, Qeepem’s CEO, his vision is to “change the whole unsavory receipt tracking exercise” from a chaotic and laborious manual process into a streamlined digital management practice.
“This is not just about receipts and expenses,” says Gharnagh, “it’s about empowering consumers and businesses with the tools they need to manage their finances. It’s about taking control back as a consumer and business of managing personal finances.”
Over the past decade or so, as machine learning technologies have become increasingly more commonplace, tech giants such as Google, Apple (News - Alert), and others have invested heavily into AIs to improve CX-centric factors of their business. For example, Google’s utilization of natural language processing AI now allows their software to read any kind of article, document, or invoice - regardless of which language they are in. Along with the camera-capture technology centric to this digital evolution, Qeepem takes it a step further by offering users a digital ID for online shopping purposes. Any item purchased online using the ID is automatically entered and stored into the app, where it can be easily accessed for next year’s tax season.
Where most applications similar to Qeepem today simply decipher data and translate it back to the user, Gharnagh states that he and his team remain focused on the future of AI and machine learning in FinTech; one where applications and machines are sophisticated enough to learn from user activity and predict behaviors based on patterns in each user’s activity.
“Imagine an app that can not only document and save data, but be able to guide users through their behavior patterns and suggest new information,” Gharnagh says. “This is what will truly pave the way for CX personalization in the future of receipt tracking and personal finance. This is not AI replacing humans. Rather, think of it as AI replacing time-consuming tasks, mundane administration of personal finances, and unnecessary or wasteful data inputs.”
