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

By partnering with IES, fino not only continues its work in the field of digital financial assistance, it is also a consistent 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 his financial situation, giving him the functions he needs to make informed financial decisions. In order to achieve this technical goal, research activities in the areas of time series analysis and machine learning are necessary as a basis. In particular, novel methods for representing and comparing time series based on discrete events will be explored, as well as methods for transferring knowledge and aggregating similar users. The focus of the research is to investigate the possibilities for using the methods and, based on this, to model a prototype.

fino founder Florian Christ: "The additional scientific perspective ideally rounds off our approach to developing products and promotes 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 with the financial assistant Yoli, which uses intelligent algorithms to recognize so-called life changing moments of a user and then offers him or her suitable assistance. Florian Christ: "Yoli is the ideal basis for learning and helping people, and should particularly benefit from the results alongside the other private customer products in our portfolio." Through the cooperation with the IES department of the University of Kassel under the direction of Professor Dr. Bernhard Sick, the required know-how on the scientific side is included in the development. This cooperation 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

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 easier provision and management of their invoices, account information and payment flows. The analysis of these 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 department "Intelligent Embedded Systems" at the University of Kassel, headed by Prof. Dr. Bernhard Sick, has been in existence since 2011 and now consists of more than 20 scientific and over 25 student employees conducting research in the area of the fundamentals and applications of machine learning and artificial intelligence methods. Application areas in the focus of IES are, apart from assistants for financial decisions, autonomous driving, future energy systems and data analysis in materials science or experimental physics. IES also collaborate with various regionally based companies (including SMA, enercast, Flavia, fino, EAM), among others.

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