(Yahoo!) -- AI has been exponentially growing the speed of the fintech industry, and the ease of banking for users. It's critical in this changing age to keep up with the fintech advances, and to harness the use of AI to take control of one’s financial wellness.
Companies like Charles Schwab even have little to no fees with their AI systems.
Keep reading to learn how exactly you can use AI to be proactive about your financial health!
What Do Virtual Financial Advisors Do?
Through AI, we can access virtual financial advisors.
These advisors track where users are spending money, create account balance projections, and understand how much can be spent based on monthly expenses and expected user income.
The advisor can also help set up a savings goal and work with users to make a plan to achieve their goals, while monitoring progress along the way. By using data from thousands of other similar customers, the financial advisor is able to compare the expenses of the user and evaluate or recommend cuts in spending.
An example of this is the Envestnet Yodlee AI FinCheck advisor.
They are able to create personalized advice for each user, fueled by past financial history data of other users.
Through algorithms that allow the advisor to analyze millions of data points at once, the technology can find trends and predict patterns for the future. This creates plans for retirement, plans for wealth management or keeps a company on budget to meet their annual financial goal.
AI is also increasing the accessibility of customer service.
Chatbots are computer programs that simulate human conversation in a chatting service through AI.
This chatbot is programmed to respond with a real person, or even sometimes with other chatbots.
While these aren't fully cognitively advanced robots, these chatbots are capable of answering basic questions and are available for customers to access at any time of the day.
It isn’t as helpful as talking to a real human, but it will answer some of the questions that otherwise would be left unanswered until work hours.