Ever wondered where your money went? Meet HeyAlfred, a free-to-use AI chat-based mobile app, one of the first of its kind in the region designed to help its users understand their personal finance better through data-driven insights and tips.
Users get to see a full breakdown of their monthly spending without having to manually input every expense – the app reads transaction data history directly from your internet banking and categorises them into more than 50 different spending categories. Users are currently able to sync with 3 local banks Maybank, RHB, and CIMB.
“With the average Malaysian owing more than just one bank account or e-wallet, users can securely connect and read multiple accounts on the HeyAlfred app, visualising all their balances at a glance.”Tengku Muhammad Shah (Moe), CEO & co-founder.
Users can also sync their investment portfolios such as unit trusts, trading accounts and cryptocurrency wallets.
A key feature is the built-in AI chatbot, ‘Alfie’: the app gathers insights and analysis from the users’ transactional data, and Alfie communicates it back to the users in friendly chats personalised to each individual’s financial history. It’s a ‘SIRI for your money’, programmed to become fluent in the language of gifs, emojis and even Manglish.
You can ask Alfie what your bank balance was on a specific day, or how much money you’ve spent in the past month. It will even remind you to keep within your allocated budget if it detects an increase in spending.
“We’re not financial planners and we do not provide financial advice to our users – what we can do is give users the shocking truth about their spending habits, via helpful, easy-to-understand and yet brutally honest conversations. Think of it this way – it’s like having a good friend read the Cliff’s Notes version of your bank statements, while you guys are just chilling drinking teh tarik. Ultimately, we want users to understand their own habits, to help them make better financial decisions.”
HeyAlfred is a read-only app – no transactions or money can be moved through the app itself. With growing concerns on data privacy, the company adheres to strict industry encryption standards, similar to what is practised in banks worldwide.
“We owe a great deal of responsibility to our users who have entrusted us their financial data. We never sell your information to third-party organisations – that’s not how we make money! We also don’t store user data if you don’t want us to. If you decide to stop using the app and opt-out, you take your data out with you.”
Public Relations Lead
About The Company
HeyAlfred was founded in 2019 as part of Top 3 startups from the AlphaStartups accelerator program, hosted by Bank Negara Malaysia and 1337 Ventures. HeyAlfred was also part of the 20 startups that graduated from 500 Startups x Petronas Futuretech accelerator program.