Douugh is a neo bank that offers innovative ways to manage your money. They have built an AI personal finance assistant that helps users manage their money better by offering various insights into spending habits and offers guidance on how to save money. In a nutshell, it is the ideal bank account for the young generation.
The stock has performed extremely well during the past year with 1Y returns coming in at 587% – making it one of the top growth stocks during the pandemic.
This morning, Douugh shares surged 12.9% as of market close on the back of a positive announcement. Douugh has introduced a proprietary Autopilot, self-driving money management feature within its app, to help the users automate money management. This was a much anticipated feature as it is the company’s first step towards fully automating the money management process.
The technology will automatically allocate the paycheck of a user to their expenses for a period and contribute towards achieving their saving goals. This feature is called ‘Salary Sweeper.’ The advancements being made in the neo banking space gives rise to the broader question – should you invest in fintech in order to not miss out on some of the gems on the ASX take some of the market share off the notorious Aussie banks!
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