Tech News : Money Saving Expert Chatbot

9th August 2023

MSE Chat GPT is a recently launched experimental AI chatbot that can answer money questions using MoneySavingExpert guides as its primary source.

MSE ChatGPT – Get Fast Answers To Money Questions 

Recently launched by TV’s consumer financial champion and founder of MoneySavingExpert (MSE), Martin Lewis CBE, MSE Chat GPT is a variant of OpenAI’s Chat GPT and can act as a fast and easy way for the public to get answer to money-related questions.

The Next Generation Of Bespoke Help 

Martin Lewis CBE, founder of MoneySavingExpert, said about the new chatbot: “This is the latest step in MSE’s pioneering history of helping consumers cut their bills and fight for financial justice. When I launched MSE in 2003, people told me ‘nobody wants a money website with a face on it’. I disagreed, I thought people wanted the personal touch, so they know where the info is coming from. And I hope this new tool is the start of the next generation of bespoke help.” 

Built To Solve Two Problems 

Mr Lewis, who founded the consumer financial help website MoneySavingExpert.com, said that the new chatbot was built to solve what some see as two problems with looking for specific financial information using normal ChatGPT.

Firstly, Mr Lewis said that although ChatGPT “answers beautifully and is great for writing a best man’s speech” it is “unsourced and can get things wrong”. This could make its answers untrustworthy, which is particularly worrying where answers relate to the finances of individuals. Also, getting answers that are outdated because they come from an “internet sweep from 2021” could be risky.

Secondly, Mr Lewis wanted to solve the problem of people being faced with “too much information”, thereby struggling to find what they want.

It is hoped, therefore, that the fact that MSE Chat GPT’s primary information source MSE itself (i.e. its many guides, blogs and information updated on a weekly basis) means that users of MSE Chat GPT can get a concise and speedy answer they can trust.

Availability 

MSE ChatGPT can be used in the free MSE App and is available on both Apple’s App Store and Google’s Play Store for Android.

What Does This Mean For Your Business? 

Many people now use ChatGPT at work and at home (it was the fastest growing app of all time when introduced) and are aware of how easy it is to use and how it can save time and effort by giving fast answers in conversational language on any number of subjects. That said, and with most individuals using the free version, as Martin Lewis CBE points out, it’s only trained up to 2021 so some answers may be outdated, it’s unsourced (it just uses a general Internet sweep) and can get things wrong – none of which are desirable when looking for accurate, trustworthy answers about personal finances (a high-risk subject).

Having a tailor-made version, therefore, that draws upon the regularly updated resources of MSE that have been built-up over years and which have been used and scrutinised by millions of people gives it extra relevance and value and this, coupled with the brand itself ensures it will be trusted and used. No doubt it’s a time-saver, particularly when searching for specific financial details which can often be hidden in small print or which may be confusing.

The convenience and speed offered by the chatbot is also a fast way of improving the usability of the website and perhaps extending the reach and the use of MSE via the app. Although customer service chatbots are already part of many websites, tailor-made more powerful chatbots are likely to spring up on many more websites and platforms where they can enable customers to extract information quickly. The speed and convenience of AI chatbots are valued by customers and help brands by giving customers better experiences when interacting with them thereby adding value and aiding retention.