Artificial Intelligence (AI) is increasingly being used for various purposes, including financial planning and management. Banks are using AI to help detect fraud, manage accounts, and improve financial services.

Orlando

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

AI in financial planning and management

have been exploring tools that are powered by artificial intelligence that could potentially make our lives easier and better if we know how to use them. So banks are already using AI to try to help detect fraud in their customers' accounts. Right now, at least 80 percent of banks have recognized that AI can help them to manage accounts and also to improve their financial services. And joining us this morning to talk more about it is financial analyst James Royal. Great to see you, James. How are you? Good morning. Good morning to you. So let's talk first about how banks are using AI. What are some of the ways they're using it to prevent fraud? That's fascinating. Yeah, AI can really analyze data that banks are seeing and comb through that and detect anomalies, figure out unusual patterns, you know, where a typical person or a typical account may use the bank's services in a specific way. AI can sort of sift through that data and figure out, hey, look, this is an unusual use of that, and then flag that data for the bank or the bank's managers to audit and review further. James, what if you want to apply for a loan? Can AI help you to do that? Well, AI, you can actually ask, as a customer or potential customer of the bank, you can actually ask the AI to prepare a financial plan for you that helps get your credit in order, helps you take the steps that may lead to you ultimately getting a loan, whether that's increasing your savings so that you have that down payment, or paying down your debt so it can build you a financial plan that helps you pay down debt, or even just more broadly with investing and building wealth, even sort of helping you pick the right investments to grow your wealth over time. Okay, I'm glad you brought that up, because to me that sounds a little scary. Do you want AI choosing what stocks to buy? Well, AI actually can sift through a lot of the information on the internet and come up with attractive investments. But as you mentioned, it's not without some risk. You've got to make sure that you ask the right questions. And you can do that using natural language, but sometimes the AI can return nonsensical answers. And experts acknowledge that it is not 100% reliable in terms of what it returns back to you. Actually, it may make up responses that don't exist, right? It's what experts call hallucinations. And so you do want to be careful and make sure that the advice that you receive fits in to your specific financial circumstances and makes sense for you. So you really do need to understand the why behind the recommendation when the AI gives it to you. Yeah, I gotcha. Yeah, if you can't afford to lose the money, you don't want to risk it. That's for sure.

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Perth

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London

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State of Rio Grande do Sul

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Irvine

Israel-Gaza War

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Council of the City of Sydney

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Bogotá

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Rise of AI