Last Updated: [12/16/24]

This Privacy Policy explains how Babylon Balance (“we,” “us,” or “our”) collects, uses, and safeguards your information when you use the Babylon Balance mobile application, website, and related services (collectively, the “Service”). By using the Service, you acknowledge that you have read and understand this Privacy Policy.

1. Information We Collect
a. Personal Information
We collect or store personally identifiable information (such as your name, surname, email address) directly from you when you use the service - for the purposes of our internal database. None of this information is shared with third-party services or any AI services. We focus on aggregated and non-identifiable financial data to generate personalized insights.
b. Financial Data
To provide personalized financial guidance, we collect aggregated and non-personal financial data, such as:
Total monthly income and expenses
Summed-up category totals (e.g., total subscriptions, total number of expenses) Overall savings and investment amounts This data is collected directly from your inputs and your usage of the Service. It is stripped of any personal identifiers (e.g., detailed transaction titles, personal spending labels, or personal names are not collected).
c. Usage Data
We may collect non-personal usage information, such as how often you access certain features, error reports, and device information like operating system type or app version, to help improve the Service. This data is collected in a way that does not identify you personally.

2. How We Use Your Information
a. Providing and Improving the Service
We use aggregated, non-identifying financial data to generate personalized AI-driven insights. These insights are aimed at helping you understand your spending patterns, identify saving opportunities, and make better financial decisions.
b. Analytics and Performance
Non-personal usage data is used to analyze performance, troubleshoot technical issues, and improve the overall user experience. This helps us optimize features, enhance reliability, and better serve our users.
c. Communications
If you have provided a means of contact (such as via support requests), we may use this information to respond to inquiries, provide customer support, and send service-related updates.

3. How We Share Your Information
a. Third-Party Service Providers
We may share aggregated, non-identifying financial data with our AI model provider or other third-party service providers who assist us in delivering the Service. These providers are authorized to use your information only as necessary to perform services on our behalf and are required to maintain confidentiality and security of the data.
b. Legal Requirements
We may disclose information if required by law or in response to lawful requests from public authorities, including to meet national security or law enforcement requirements.
c. Business Transfers
In the event of a merger, acquisition, or sale of all or a portion of our assets, your non-personal, aggregated financial data may be transferred as part of that transaction.

4. Data Security
We take reasonable measures to protect your data from unauthorized access, alteration, disclosure, or destruction. We use encryption, secure servers, and other industry-standard safeguards. However, no method of transmission or storage is 100% secure, and we cannot guarantee absolute security.

5. Your Choices
a. Opting Out
If you prefer not to have your aggregated financial data processed by our AI models, you may choose not to use the premium features that rely on this data or opt to use the free version of the Service, which provides general insights without personalized AI analysis.
b. Access and Correction
We store personally identifiable information (e.g., if you contact support), you may request access, correction, or deletion of that information. Contact us at support@babylonbalance.com to manage your data preferences.

6. Children’s Privacy
The Service is not directed to individuals under the age of 18. We do not knowingly collect personal information from children. If we become aware that we have inadvertently collected personal information from a child, we will take steps to delete it as soon as possible.

7. International Data Transfers
Your data may be transferred to and processed in countries other than your own. We ensure that such transfers comply with applicable data protection laws and that appropriate safeguards are in place.

8. Changes to This Privacy Policy
We may update this Privacy Policy from time to time. If we make significant changes, we will notify you by posting the revised policy on the Service or through other communication channels. Your continued use of the Service after changes are posted constitutes your acceptance of the updated policy.