SoLo Funds, a Los Angeles-based company working to streamline access to capital, announced the launch of a new product designed to provide personalized financial assistance. The solution, dubbed SoLo IQ, leverages AI to offer individualized advice on budgeting, wealth building and spending habits to help individuals reach their financial goals.
SoLo IQ is an LLM that works to understand a person’s financial behavior at the transaction level, differing from other models in the space that operate with limited access to users’ personal financial data. Users can securely connect their financial accounts to SoLo’s platform to access customized budgeting, cash flow predictions and risk insights through its new tool.
“With ‘SoLo IQ’, we’re reimagining what it means to be an intelligent, community-driven financial partner that has the customer’s financial well-being at the center,” Rodney Williams, SoLo Funds’ president and co-founder, said in a statement. “Financial literacy doesn’t work when it’s not personalized to consumers’ experiences and data. This is about supercharging consumers’ financial knowledge in a way that is bespoke to each user’s financial position.”
The company serves millions of individuals, enabling them to borrow and lend short-term funds without the constraints of traditional financial systems. SoLo IQ offers users conversational guidance, personalized lending strategies, account tracking and notifications on how to improve their financial position in real time. It also only interacts with users’ data after receiving their consent. SoLo IQ will be immediately available to SoLo members, and non-members can access the solution at MySoLoIQ.com.
