The future is here!
We all remember the movie “Back to the future” where the main character had episodes in the future, and how he was shocked at all the strange technology. Well, we are not quite there yet, but AI-powered chatbots are opening the doors to a new era ─ starting now.
Well, we are not quite there yet, but AI-powered chatbots are opening the doors to a new era. . . starting now.
We were all amazed when PayPal began to offer their services and the experience of not needing to enter your personal information while shopping.
And, then there was Google Wallet, the smart way of shopping with only one click. But this is the era of consumers and technology, and of course, we need help with our finances.
So, let’s see how AI will change personal finance and what the future holds.
AI Personal Financial Management
Today, because of technology, we leave our personal data every time we check in using our cellphone, each time we pay for an item or service online, and even when we post pictures on Instagram.
So, what technology does in this situation, is that we have apps powered by AI and algorithms that monitor all of our shopping habits while giving us advice on how and what to better manage our finances.
If you ask your bank to give you quarterly reports, you will wait for years, but with an AI chatbot, it`s all done within a couple of minutes.
Tailored Efficiency
When it comes to banking, the best service that you can give to clients is a one-on-one interaction. That`s the most efficient ─ but also the most expensive way of dealing with customers.
What banks are doing now is investing in chatbots powered with AI technology that can help clients with answering questions, such as providing details of their last transaction, and even giving some basic financial advice.
For instance, Western Union goes even further by saying that they are planning to have a chatbot that can help their users to send money using Messenger.
AI Personal Finance Advisor
There is nothing better when someone knows you, knows your habits, and the way that you think.
AI powered chatbots use computer reasoning, algorithms and NLP, and each time you interact with them, they learn something about you. This enables them to make offers tailored just for you.
Chatbots can be your way of having a more efficient experience as you can use them as a customized finance advisor that gives you advice on your personal finances, and can guide you from investing to buying.
In fact, an AI-powered chatbot can check your bank balance and set up spending notifications. To be honest, the human brain is not always a good decision maker when it comes to purchasing and investing while AI and algorithms, powered by new technology, can be a win-win situation.
Security
Embracing new technology and features is always scary and giving your personal information to a robot can raise a lot of questions related to security.
But, don`t we have that already with any banking clerk that we are interacting with?
AI, today, uses voice recognition, face recognition and many other security measures that are protecting your data. AI in the finance sector is doing everything to protect their customers, and if a chatbot notices suspicious transactions on your financial account, they will send you a message instantly.
Final Thoughts
Whenever you have a debit or credit purchase, an AI assistant will text you about how that purchase affects your monthly budget and how your current monthly spending compares with your historical average.
Artificial Intelligence is changing the way we live and interact with people and is shaping the everyday financial world.
Next time, when you want to purchase something, check with your AI chatbot ─ maybe you can`t afford it ─ and your chatbot will let you know.
Posted by Maya S.
