As the technology is advancing and AI is showing remarkable performance across fields, ChatGPT will become your personal financial advisor in addition to being a chatbot or coding tool.
According to the reports, on 15 May, OpenAI released a new AI feature in ChatGPT that connects with the user’s bank accounts and financial data. The goal of this feature is to help users manage spending, track subscriptions, create budgets, and understand their financial habits more easily.
According to OpenAI, “People are already turning to ChatGPT for help: more than 200 million people come to ChatGPT every month for budgeting, questions about their investments, comparing different paths, planning for future goals, and more.“
With this feature, users can ask questions to ChatGPT, such as:
- Help me build a plan to buy a house in the next 5 years
- Am I spending too much on subscriptions
- What is the biggest risk with my portfolio
- How much did I spend this month
ChatGPT can then analyze the data and give helpful suggestions to users.
This feature is in the testing phase and is only available for Pro users in the U.S. The ChatGPT Pro users can connect their financial accounts with ChatGPT Web and iOS. This system is working through a secure financial platform, Plaid. This platform is also used by thousands of banks and financial services.
After the release, many users still worry about their privacy and security because financial information is highly sensitive. Experts say ChatGPT can give suggestions in daily life, but it can’t replace human financial advisors, especially in major investments and legal decisions. As many users are comfortable with AI helping with budgeting and organization, many still prefer humans for serious financial advice.
