Educational and AI tools for Griffin’s customers
The funding will be primarily used to bolster Griffin’s software engineering and UX design teams, as well as for product development. Among the upcoming features are an AI chatbot and family plans tailored for parents who wish to introduce their young adult children to investing.
Griffin has transformed into a dynamic adaptive investment model where users can automatically invest USD 1 from each of their transactions in stocks related to the products or services they purchase. For instance, after purchasing from Walmart, users are automatically invested in the company’s stock. Additionally, users have the flexibility to manually adjust their investment amounts.
The company aims to make investing more accessible and less daunting for its customers. Last year’s internal data demonstrated that this model was effective, with a 234% increase in spending at Walmart six months after users began buying the store’s stocks.
To further simplify the process of investing, Griffin offers comprehensive educational resources. These include daily insights into financial literacy aimed at empowering women aged between their late 40s and early 60s, who often have less confidence in their investing knowledge. The platform also caters to younger users aged 18 to 24, which has prompted the company to consider adding budgeting tools that help users gain a better understanding of their spending habits.
With the support of an AI chatbot, Griffin plans to expand its educational offerings. This chatbot will be able to summarize articles on the platform and provide quick answers to users’ questions, offering insights into account activities such as dividend distributions and investment details.
