OneUnited Bank, the largest Black-owned bank in the country, has introduced an AI tool to promote financial literacy with their clients and is the first AI product launched by a Black bank.

Per a press release, WiseOne® Insights is “a groundbreaking AI-driven tool designed to guide, inform, and protect individuals by leveraging financial literacy.” Additionally,  WiseOne Insights aims to improve financial wellness across the nation, while striving to close the racial wealth gap.

Some of the features of WiseOne® Insights include reminders of due dates for bill payments, notifications when additional money is accessible for savings, and personalized debt payoff strategies designed to educate consumers on how to build generational wealth.

Kevin Cohee, Chairman & CEO of OneUnited Bank released a statement lauding WiseOne® Insights as a pathway for consumers to positively impact their financial wellness.

"WiseOne Insights transcends conventional banking solutions. As a financial wellness companion, it literally allows individuals to make better financial decisions thus directly addressing the critical need for improved financial literacy in our society,” Cohee’s statement read.

Artificial intelligence, increasingly seen in the use of robots, self-driving cars, smartphones, and so much more, is quickly becoming a part of everyday life and is expected to continue to influence society.

According to a study conducted by Statista, the global AI market is set to grow up to 54 percent every single year. Also, tech experts believe that the rise of AI also offers a significant potential for change for African Americans

In addition to closing the wealth gap and promoting financial literacy, the vision of OneUnited Bank's WiseOne Insights is to continue its legacy of activism and innovation as it “reaffirms its commitment to both elevate financial literacy as a core societal value and leverage technology to narrow societal gaps.”