fino and the Intelligent Embedded Systems (IES) department at the University of Kassel are starting research into an automated financial assistant based on artificial intelligence with immediate effect. The assistant analyses and evaluates a user's financial situation based on their bank account, identifies potential for improvement, supports investment decisions and thus enables optimized control of their own finances. The project is supported by EU funds as part of the IWB-EFRE program, a fund for regional development.

The partnership with IES not only continues fino's work in the field of digital financial assistance, it is also the logical continuation of the fintech's good relationship and cooperation with the University of Kassel. The technical goal of the intelligent financial assistant is to fully support the user in their financial situation and to provide them with the functions they need to make well-informed financial decisions. In order to achieve this technical goal, research in the fields of time series analysis and machine learning is required as a basis. In particular, novel methods for representing and comparing time series based on discrete events are being researched, as well as methods for transferring research and aggregating similar users. The focus of the research is on investigating the possibilities for using the methods and modeling a prototype based on this.

fino founder Florian Christ: "The additional scientific perspective ideally rounds off our approach to developing products and encourages our curiosity to make people's lives easier, true to our motto "less finance - more you"."

For fino, the partnership means consistent further development in the area of financial analysis and account management. Among other things, fino has already developed a market-ready and functioning product in the form of the financial assistant Yoli, which uses intelligent algorithms to recognize a user's so-called life-changing moments and then offers them suitable assistance. Florian Christ: "Yoli is the ideal basis for learning and helping people and should benefit from the results alongside the other private customer products in our portfolio." Thanks to the collaboration with the IES department at the University of Kassel, headed by Professor Dr. Bernhard Sick, the necessary expertise on the scientific side has been incorporated into the development process. This collaboration enables the development of a new type of product, and thus also the opening up of a new market.

The collaboration is also exciting from a scientific point of view, as Prof. Sick emphasizes: "Our interest lies in developing new methods of machine learning and artificial intelligence and then bringing these into real applications."

About fino

The fintech company fino was founded in 2015 and develops products and services that optimize business processes in the area of finance. More than 100 employees work every day to ensure that the fino motto "Less finance - more you" becomes a reality for more and more companies and private individuals. Among other things, companies benefit from simpler provision and management of their invoices, account information and payment flows. Analyzing this information also helps them to make well-founded business decisions. Financial institutions, in turn, can offer their customers modern, fast solutions with fino's products. Reference customers and partners include savings banks, VR banks, Commerzbank, DATEV, Miles & More and Schufa.

About IES (University of Kassel)

The "Intelligent Embedded Systems" department at the University of Kassel, headed by Prof. Dr. Bernhard Sick, has been in existence since 2011 and now consists of more than 20 academic and over 25 student employees who conduct research into the fundamentals and applications of machine learning and artificial intelligence methods. In addition to assistants for financial decisions, IES also focuses on areas of application such as autonomous driving, future energy systems and data analysis in materials science and experimental physics. IES also works together with various regionally based companies (including SMA, enercast, Flavia, fino, EAM).

Your editorial contacts:

fino run GmbH
Björn Kahle
Universitätsplatz 12
34127 Kassel
Germany
Phone: +49561861850
Email: press@fino.run

University of Kassel / IES

Prof. Dr. Bernhard Sick
Faculty 16 / FG IES
Wilhelmshöher Allee 71 - 73, 34121 Kassel
Email: bsick@uni-kassel.de
Phone: 0561 804 6025