You want a new phone, but its price makes you think twice. Should you buy it or keep saving? Maybe you have some extra cash but don’t know how best to use it. These are common money questions, but asking someone for help isn’t always easy.
Metropolitan Bank and Trust Co. (Metrobank) hopes to help Filipinos understand their choices through Ask Earnest, an artificial intelligence (AI)-powered chatbot for everyday money questions. Users can ask about saving, spending, and managing money, then ask more questions if something is unclear.
“Financial education should meet people where they are,” said Digs Dimagiba, chief marketing officer, Metrobank. “We want it to be something people can turn to when they have a question or a decision to make. Sometimes, the first hurdle is knowing where to begin or feeling comfortable enough to ask.”
You can ask how much of your salary to save, what to think about before buying something expensive, or whether to lend money to a friend or relative. Other topics include setting aside money for emergencies, paying off debt, and starting to invest. You can also ask what unfamiliar money terms mean.
Unlike reading an article or watching a video, using the chatbot allows you ask questions as you go. If an answer is confusing, you can ask for a simpler explanation before moving on.
Metrobank also hopes the tool will help Filipinos feel more comfortable asking about money. Those who find it difficult to discuss their savings, spending, or debts with other people have another way to learn.
“Financial mindfulness develops as people learn, ask questions, and apply what they understand to everyday life,” Dimagiba said. “Through Ask Earnest, we want to encourage the habit of pausing to ask and understand, whether someone is managing their first salary, reviewing their spending, or preparing for a longer-term goal.”
The chatbot is part of Metrobank’s efforts to help Filipinos learn how to handle money. Earnest started as an e-book with practical money lessons. It later grew into a website and social media content about managing, growing, and protecting money.
Metrobank also noted that there is no need to log in to be able to use Ask Earnest. But there is also the option to sign up for an account. The answers to the questions are derived from the bank’s experience through the years. No data would be collected from the users, at least for now.
The launch is part of Metrobank’s efforts in promoting financial literacy following the success of its Moneygurado documentary series, which garnered millions of views. The docu looked at how Filipino culture, history, media, and personal experiences affect the way people save, spend, and borrow. It also held talks with schools and organizations to bring these conversations to more people.
With Ask Earnest, Metrobank hopes to make it easier to stop and ask before spending, whether you’re working out your monthly budget or deciding if that new phone can wait.
To try it, visit earnest.ph and click the Ask Earnest button in the upper-right corner of the page.