How AI Could Help You in Managing Your Money
When thinking about the future, there are a few things that I’m excited about. And one of those things is the free time that I’ll have when artificial intelligence (AI) makes its way into my life to take care of tasks I normally wouldn’t have time for.
With AI, our lives could become a lot simpler. We could have more free time to do the things that we enjoy instead of the things we have to do. Imagine being able to do the hobby that you enjoy because you’ll actually have time for it!
AI and robots will be able to do these tasks for us, so we'll finally get to do the things that we love to do.
Not only will this technology be able to free up some of your time, but it’ll also be able to benefit your life in the long run. But how will it do that? By helping you in managing your money.
My finances are always on my mind. And I don’t have to tell you that money is important to everyone’s life. We need it to survive. The amount of money that we have is what determines how comfortably we live.
And that’s probably one of the reasons why you became a subscriber to Park Avenue Digest.
You came to us because you wanted to learn about investments and how to earn money to feel more secure and comfortable with your money.
AI will be one way to make you feel more secure with your investments and finances.
According to a report by Accenture, robots and smart computers are helping to manage your money. And they'll enable banks to increase revenue and employment over the next five years.
Not only will AI technology help in managing money for bank customers, but it'll also establish future job opportunities that weren’t available before.
The opportunities that this technology will give bank customers and people looking for a new career will be vast.
Now, let’s focus more on the opportunities that the technology will have for money management...
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Banks Are Using AI to Help Manage Money
JPMorgan Chase recently announced that it would be rolling out an AI-powered assistant in the treasury services division that’ll handle an average of $5 trillion daily.
As of now, the AI-powered assistant is only for corporate clients.
JPMorgan Chase isn’t the only bank that's launching virtual assistants (VAs). Based on a 2017 study by Greenwich Associates, over half of the 100 executives that the firm surveyed were exploring the technology and had plans to implement them within 12 months. And 18% had already started using AI technology.
Paul Dravis, a partner from Future Perfect Machine, said, “[AI] will help advisors make better decisions and spend less time on the boring parts of the job.”
AI will make advisors better advisors.
Already, Bank of America and Wells Fargo have VAs for retail consumers. And they’re not the only ones...
FinTech startups are also adopting this technology. FinTech is a new industry that recently popped up. It’s an industry that uses innovation to improve traditional financial services to better serve you.
AI technology has been expanding to become more than just robo-advisors that offer portfolio and investment management. The idea is to implement more human-like qualities by being more conversational.
If consumers are able to have a seamless conversation without any complications, then consumers won’t get annoyed. And this would mean that the technology would become widely adopted and have a better chance of improving consumers' lives.
A company called Kasisto has created a conversational AI platform that’s used by companies like Mastercard and Wells Fargo.
Dror Oren, the cofounder and chief product officer of Kasisto, recently said that with Kasisto's platform, you can ask AI-specific questions such as: “How much money have I spent in restaurants in 2018?" And you’ll get an instant answer.
You’ll also be able to set up alerts to help you in managing your money by creating a budget. For example, you could set up an alert that notifies you when you’ve reached your spending amount on restaurants.
The idea isn’t to replace advisors. There will always be complex financial problems that will be best solved by a person with financial experience and background. But instead, AI will better assist you when it comes to managing your money so you won’t spend too much. And it'll help you in actually building your savings.
I can’t stress enough how AI will better our lives in the years to come, but I'll try. Because I believe this technology could have a huge opportunity to improve our economy and, more importantly, our overall well-being.
Until next time,
Editorial Director, Park Avenue Digest