AI-Powered Assistant Helps UK Users Save on Household Bills
Introduction:
In today’s world, the cost of living continues to rise, making it increasingly difficult for individuals and families to manage their household bills. However, there is some good news on the horizon. UK-based start-up company nous.co has developed an assistant powered by OpenAI and its own proprietary systems. This innovative assistant aims to help users understand and manage their household bills, potentially saving them significant amounts of money. In this article, we will explore the features and benefits of this AI-powered assistant, as well as the future plans of nous.co.
Understanding and Managing Household Bills with AI:
The nous.co assistant offers users the convenience of uploading their invoices or connecting their email inbox to automatically forward invoices to the assistant. Once received, the assistant uses its AI capabilities to categorize and summarize the invoices, providing users with a clear understanding of their bills. This process helps customers identify potential savings and highlights any discrepancies or estimated invoices from vendors.
According to nous.co, their AI-powered system can save households up to £1,000 per year, with an average savings of £126. These savings can make a significant difference in the lives of users, especially considering the rising cost of living. Additionally, the assistant ensures that vendors cannot take advantage of customers by sending estimated bills instead of final ones, providing peace of mind and protection for users.
Expanding to More Than Just Energy Bills:
Currently, the assistant works with energy bills, but nous.co plans to expand its capabilities to include broadband, mobile phone, and insurance documents. The company aims to provide a comprehensive solution for managing all aspects of household bills. To make the process even more convenient, alerts will be sent to users via WhatsApp, ensuring that they are always informed about their bills and potential savings.
Challenges in Understanding Energy Bills:
Research conducted by nous.co reveals that two-thirds of people in the UK find it difficult to understand their energy bills, highlighting a prevalent knowledge gap among consumers. Furthermore, only 15% of individuals read the fine print on their bills, indicating a lack of awareness regarding potential hidden costs or discrepancies. This lack of understanding creates an opportunity for utility and insurance companies to capitalize on customers’ ignorance and hide unpleasant surprises.
AI as the Solution:
Greg Marsh, co-founder and CEO of Nous, emphasizes the power of AI in driving customer value. He acknowledges that reviewing bills can be a tedious task, which allows companies to exploit customers’ disinterest. However, generative AI is perfectly suited to spot these discrepancies and ensure that customers are not being taken advantage of. By leveraging AI technology, nous.co aims to empower users and enable them to take control of their household bills.
Future Plans and Premium Service:
After more than 12 months of development in private beta, nous.co plans to offer a subscription service as its premium product. This service will focus on clear billing and customer peace of mind regarding data privacy. The free product currently available serves as an onboarding tool and customer acquisition funnel for the premium service.
The startup relies on open banking regulations to access consumer spending data, ensuring that their AI-powered assistant can gather relevant information to provide a comprehensive overview of users’ bills. This approach not only saves users time and effort but also ensures that they have all the information they need to make informed decisions about their finances.
Conclusion:
Nous.co’s AI-powered assistant has the potential to revolutionize the way individuals and families manage their household bills. By harnessing the power of AI and combining it with their own proprietary systems, nous.co offers users a convenient and efficient solution to understand and manage their bills. With the ability to save households up to £1,000 per year, the assistant provides a valuable cost-saving tool in today’s challenging economic climate.
In the future, nous.co plans to expand its offerings to include broadband, mobile phone, and insurance documents, making it a comprehensive solution for all household bills. With alerts sent via WhatsApp, users will always be kept informed about their bills and potential savings. As the company scales and introduces a premium service, consumers can expect even more features and benefits to help them navigate the complexities of their finances.
Overall, nous.co’s AI-powered assistant represents a significant step forward in leveraging technology to improve financial literacy and empower individuals in managing their household bills.
Summary:
UK-based start-up company nous.co has developed an AI-powered assistant to help users understand and manage their household bills. Users can upload invoices or connect their email inbox to have invoices automatically forwarded to the assistant, which categorizes and summarizes them. The assistant alerts users to the details and potential savings on their bills. nous.co claims that its AI-powered system can save households up to £1,000 per year, with an average saving of £126. The assistant currently works with energy bills and will soon be extended to include broadband, mobile phone, and insurance documents. Research shows that many people find it challenging to understand their energy bills, with only 15% reading the fine print. The AI-powered assistant aims to address this knowledge gap and prevent vendors from exploiting customers. In the future, nous.co plans to offer a premium service focused on clear billing and data privacy.
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With the cost of living becoming more painful and generative AI supposedly shooting for your jobAt least for now, it could be here to save you some money on your household bills.
UK based cost of living start up company nous.co now it has released an assistant powered by OpenAI (combined with its own proprietary systems) to help its users understand and manage their household bills. Users will be able to upload invoices or connect their email inbox to have invoices automatically forwarded to the assistant. It then categorizes and summarizes the invoices, alerting customers to the details and potential savings.
Nous claims it can now save households up to £1,000 a year or more through its AI-powered system, and around £126 on average. He also says that he can catch it when vendors try to send estimated invoices instead of final ones.
The new feature is found in the free Nous membership tier, currently works with energy bills and will soon be extended to broadband, mobile phone and insurance documents, with alerts sent via WhatsApp.
According to the company’s own research, two-thirds of people in the UK find it difficult to understand their energy bills and only 15% say they read the fine print.
After just over 12 months of development in private beta, Nous soon plans to offer a subscription service as its premium product, focusing on clear billing and customer peace of mind regarding data privacy. The free product will serve as the onboarding tool and customer acquisition funnel for the premium service. The startup relies on open banking regulations to access consumer spending data.
Greg Marsh, co-founder and CEO of Nous, told me, “We knew intellectually that AI would be a part of the story of this service. It offers automation and scale. What hadn’t been clear to me until this year was how powerful it was in driving customer value. The combination of LLM, our domain knowledge and our connections to commercial providers is very powerful. But AI is front and center on this.”
He says that since most people find reviewing their bills boring, utility and insurance companies can sometimes use that as an opportunity to “hide unpleasant surprises.” He says that generative AI is “perfectly suited to spot these things right away.”
He says that Nous has thousands of people use the service, but he doesn’t want to be in the business of monetizing the data: “We use it to improve the user. The typical insurance contract requires 44 pieces of information. We can get almost all of those pieces from your last insurance contract, then ask can ask you just four additional questions through a chat interaction via whatsapp.”
Marsh, a former VC at Index Ventures and the founder of onefinestay, says he came up with Nous after struggling to deal with his household bills while sick with Covid-19 during the pandemic and the simultaneous birth of his second child.
So far, Nous has raised $10 million in seed funding from investors including Tom Blomfield (co-founder of GoCardless and Monzo), Marc Warner (co-founder and CEO of Facultad.ai), Dan Hegarty (founder and CEO of mortgage company Habito), Eamon Jubbawy (co-founder of Onfido), and Brent Hoberman (founder of Founders Forum). Mosaic Ventures and Chalfen Ventures also participated. Nous says it is a “B-Corp pending” business.
What happened when Nous.co hooked-up Generative AI to its users’ household bills
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