Boro, a mobile financing app, formally announced the launch of its AI-powered financial guidance and benchmarking tools.
The new algorithmically-driven product suite will help students meet budget goals, as well as track and benchmark spending against peers.
What Is Boro? In appreciation of the financial difficulties students and graduates face, Boro looks beyond traditional creditworthiness factors, using a proprietary methodology to account for educational background, banking activity, and other factors, in making lending decisions.
Actionable Insights: As part of a mission to empower students financially, Boro is launching MyBoro, a platform where students can access the insights and information they need to make informed financial decisions.
With the new feature, users can connect their bank accounts to receive advice on lowering costs and increasing spending efficiency, as well as quickly access low-interest loans with fixed-term limits.
“Money should be accessible, engaging, and fun -- it doesn’t have to be scary and guilt-inducing," said Hao Liu, CEO and co-founder of Boro. “We built MyBoro specifically for college students, so there’s no jargon, everything is in their language and tailored to what they care about. We’ve tested it with thousands of beta users and seen high user satisfaction rates, so we know that we’re really touched a nerve here.”
Later this year, Boro will add interactive quizzes, credit monitoring, and social challenges, allowing users the ability to test their skills and reward themselves for acting financially responsible.
“As someone who has had to teach myself about personal finance, managing my finances has been a wild ride,” said Michael Cao, a junior at Pennsylvania State University. “Boro has proven to be incredibly valuable throughout this journey, providing me with the tools, and resources I needed to become the personal finance guru I've always wanted to be.”
To learn more about financial wellness with Boro, please visit GetBoro.com.
Photo by Buro Millennial from Pexels.
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