Nous.co, a UK-based cost-of-living start-up, has introduced an OpenAI-powered assistant to help users manage their household bills. By combining Generative AI with its own proprietary systems, the company aims to save users money and simplify bill management. Users can upload bills or connect their email inbox to have bills automatically forwarded to the assistant. The AI then categorizes and summarizes the bills, alerting users to important details and potential savings.
According to Nous, their AI-driven system can save households up to £1,000 per year or more, with an average saving of around £126. The system is currently focused on energy bills and will soon be expanded to include broadband, mobile phone, and insurance documents. Users receive alerts via WhatsApp to keep them informed about their bills.
A consumer survey conducted by the company revealed that two-thirds of people in the UK find it difficult to understand their energy bills, and only 15% bother reading the small print. This lack of engagement allows suppliers to sometimes slip in estimated bills instead of final ones. However, Nous believes its Generative AI is perfectly suited to catch these discrepancies and provide immediate assistance.
Nous plans to offer a subscription service as its premium product after using the free tier as an onboarding tool and customer acquisition funnel. The startup relies on open banking regulations to access consumer spending data and aims to prioritize clear billing and customer reassurance regarding data privacy.
Greg Marsh, co-founder and CEO of Nous, said: We knew intellectually AI would be part of the story for this service. It offers automation and scale. What I hadn’t got clear until this year was how powerful it was to unlock customer value. Marsh emphasized that the combination of Generative AI, domain knowledge, and commercial connections makes AI a vital component of Nous’ offering.
With its AI-driven assistant, Nous aims to eliminate the hassle of trawling through bills. Marsh believes that utilities and insurance companies can take advantage of customers’ reluctance to engage with bills and bury unexpected costs. However, the powerful AI technology employed by Nous can catch these surprises and alert users immediately.
Since its launch, Nous has gained thousands of users and does not intend to monetize their data. Instead, the company uses the data to enhance the user experience while minimizing the effort required. Marsh explained that with just four extra questions, they can obtain almost all the necessary information from a user’s last insurance contract through a chat interaction via WhatsApp.
Nous has secured $10 million in seed funding from investors, including prominent figures such as Tom Blomfield, co-founder of GoCardless and Monzo, and Brent Hoberman, founder of Founders Forum. The company is positioning itself as a B-Corp pending business, prioritizing ethical and sustainable practices.
With its AI-powered assistant, Nous aims to simplify bill management and save users money. By leveraging the capabilities of Generative AI and combining it with its own proprietary systems, the company offers a valuable service that brings clarity and potential savings to households. As the company expands its offering to other bill categories, it aims to provide even more comprehensive support to users.
