Aisance, a mobile application developed in Luxembourg, aims to improve financial knowledge and offer personalized budget advice, explains Roman Yerchenko.

Aisance, a financial advice application based on artificial intelligence, is designed to help users manage their budget, set financial goals, and improve their financial knowledge. Developed by the Luxembourg-based company EuroAFF, the platform uses AI technology to offer personalized financial information and practical financial education.

According to Roman Yerchenko, CEO of EuroAFF, Aisance targets people who lack the time or expertise to analyze their finances in detail, but who still want to make informed financial decisions. When asked why Luxembourg was chosen as the base for Aisance, Yerchenko, who is originally from Ukraine, explains:

“Luxembourg is one of the most favourable environments for innovation and business in Europe, especially in the field of fintech. Its solid infrastructure, access to global financial institutions, and favourable regulatory landscape make it an ideal center for launching and scaling technology-based solutions.” He also highlights that the Luxembourg financial landscape offers an opportunity to fill a critical gap in financial literacy.

According to the 2023 OECD international financial literacy survey, only 53% of adults in Luxembourg reached the minimum target financial literacy score. Mr Yerchenko describes this statistic as worrying for everyday decision-making and long-term financial security.

“We are starting with Luxembourg. It offers an ideal testing ground: it is diverse, digitally connected, and small enough to gather meaningful impact data before expanding to larger European markets,” he adds.

A collaborative and personalized approach

Although Aisance did not receive direct support from the government, the company remains committed to improving financial skills in Luxembourg.

`Mr. Yerchenko notes: “We believe in supporting the community first and we would be happy if local institutions were interested in working with us. Our aim is to create something valuable for people in Luxembourg and beyond.” While its marketing efforts are primarily focused on larger markets like the United States and the European Union, Aisance is open to local partnerships in Luxembourg that could help simplify financial management for residents.

Before launching Aisance, the company conducted extensive research to better understand the needs of its target audience, says Mr. Yerchenko. The team consulted local media, conducted surveys, and spoke directly with students and professionals in Luxembourg. More than 100 people from the Grand Duchy were involved in the development process to test the application. Mr. Yerchenko points out that the feedback received was crucial in shaping the functionalities of the tool.

“One of the main conclusions we've drawn is that financial education isn't just for students: many professionals also have trouble managing their money,” he explains. “Aisance is designed to fill that gap, by making financial planning accessible to everyone.”

To effectively integrate financial education into the application, the AI module focuses on three key priorities: understanding user preferences, facilitating task completion, and enabling practical integration. AI learns from user behavior, sets financial priorities accordingly, and guides users through each step, all while showing them their progress.

In the future, Aisance intends to go beyond theoretical advice, by offering concrete scenarios in which users can practice managing their finances in a realistic environment. The app also provides personalized budget information, tailored to each user's unique financial situation.

“Our AI analyzes the spending habits, revenue models, and financial goals of users in order to offer them personalized recommendations. If the application detects that a user is systematically spending too much in certain categories, it suggests realistic adjustments.” The smart advisor could also help users save for specific goals, such as vacations, by calculating how much to set aside each month and identifying which expense items to optimize.

The Aisance application is available on the App Store and on Google Play.

Source: Paperjam

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