According to a study by BMO-commissioned IPSOS Canada, 33% of Canadians use AI technology to keep their spending and savings. But while these tools are great for increasing wealth and tracking financial goals, there is something missing – a safe, ethical and genuine support way to get help from debt. In this article, we will explore how AI can reshape personal finance in Canada and why Mariposa, the first Canadian AI-powered debt management agent, is a game changer for anyone who wants to get rid of debt on their own terms.
AI Prosperity in Canadian Personal Finance
In Canada, financial services use AI in two main ways: providing information and power tools to help users save, budget, invest and build credit. Here are a few examples:
- Wealthsimple’s AI chat helps Canadians understand the basics of investment.
- Bloom’s mobile app tracks spending and provides insights using a smart assistant called Oscar.
- Borrowell’s credit coaches provide personalized advice to help users improve their credit scores.
- RBC’s NOMI feature provides automatic saving and spending skills based on user habits.
These tools are smart, personalized, and easy to use. But not all AI tools are equal. Many of them focus on making it easier spend Your money – not save.
In a recent CBC column, Credit Canada CEO Bruce Sellery noted: “Almost all the innovations we see in Payments Space are faster and easier to buy. This is very useful for marketers, but not great for individuals.”
A focus on consumption can make it harder for you to control your money, especially if you are one of many Canadians who have already dealt with debt.
Introduction to Mariposa: Debt helps reimagine AI
While many AI financial tools help save or invest, few make sense to solve debt. That’s what makes Mariposa so breakthrough.
Mariposa’s collaboration between credit consulting experts at Midas Labs and Canadian AI innovators, Mariposa provides confidential, unjudgmented help 24/7 – giving people confidence to control debt when they are ready.
The need for accessible, stigma-free support has never been more important when the average non-collateralized individual debt rises to $21,859, and 1.4 million Canadians have missed credit card payments this year.
