Oportun has significantly expanded its Set & Save savings application, introducing an artificial intelligence-powered feature named Smart Bills. This new functionality is engineered to identify routine financial obligations and automatically facilitate savings toward upcoming payments, marking a strategic move to bolster consumer financial preparedness.
The Smart Bills feature leverages AI to analyze a member’s individual financial habits. Based on this understanding, it proactively sets aside funds for a range of recurring expenses, including car payments, rent, utilities, insurance premiums, and various subscriptions. According to a Monday (July 27) press release from the company, this automated savings mechanism aims to simplify the budgeting process for users.
Crucially, Oportun emphasizes that members retain complete autonomy over their finances. Users can establish specific savings limits, pause the automated savings process at any time, or withdraw funds as needed. This user-centric control ensures flexibility while promoting consistent savings habits.
Initial results from the deployment of Smart Bills are compelling. The company reported that members utilizing the new AI-driven feature saved an average of 48% more per month compared to those who used the Set & Save app without Smart Bills. This data underscores the immediate impact and effectiveness of the AI integration.
Annie Ma, Oportun’s Head of Savings, articulated the strategic intent behind the enhancement. “Set & Save makes it easier for people to build healthy financial habits in a way that works for their everyday lives,” Ma stated in the release. She added, “With Smart Bills, we’re helping members connect their savings to recurring priority expenses, so they can better budget, plan ahead and feel more prepared for the moment when bills are due.”
The introduction of Smart Bills aligns with broader financial literacy challenges identified in recent research. The PYMNTS Intelligence report, “Generation Zillennial: How Financial Literacy Drives Financial Confidence,” highlighted that zillennials, often in lower to middle-income brackets from entry-level or gig work, frequently struggle with savings. Despite these challenges, this demographic is more inclined than other generations to prioritize living comfortably between paychecks. The report specifically noted that “Zillennials who lacked access to financial literacy tools growing up are more likely to struggle to pay bills between paychecks,” indicating a clear need for tools like Smart Bills.
This expansion of the Set & Save app follows another significant strategic development for Oportun. On July 9, the company announced a new lending partnership with Column, a nationally chartered bank specializing in providing regulated financial infrastructure for technology firms. This collaboration aims to broaden access to responsible credit, with Column originating unsecured personal loans and Oportun providing its platform’s marketing, servicing, and program-support capabilities.
Gaurav Rana, Senior Vice President General Manager, Lending at Oportun, commented on the partnership at the time, stating, “Oportun’s mission has always been to help our members move forward financially by providing access to responsible credit.” He further elaborated, “This partnership supports Oportun’s mission to empower more people to build a better future by expanding that access.” Both the Smart Bills feature and the Column partnership reflect Oportun’s multifaceted approach to enhancing financial wellness and accessibility for its members, addressing both savings and credit needs.
