A.I. News ChatGPT will offer personalized financial advice (if you connect your bank account)

[Brownie2019]

Content source

https://www.engadget.com/2173768/chatgpt-will-offer-personalized-financial-advice-if-you-connect-your-bank-account/

OpenAI is rolling out a preview of a new personal finance feature inside of ChatGPT. Starting today, Pro users in the US can connect their financial accounts to ChatGPT in order to get more personalized advice from the chatbot.

To hear OpenAI tell it, every month more than 200 million users already turn to ChatGPT for guidance on managing their money. By building a framework that allows those people to connect their accounts to its servers, ChatGPT can go from offering generic advice to helping those same users take actions that more directly improve their lives. The integration is made possible through a partnership OpenAI has signed with Plaid, which offers connections to more than 12,000 financial institutions, including banks like Citi and Chase, in addition to services like Affirm and Robinhood.

To begin using the new integration, find the "Finances" section inside of ChatGPT's sidebar or write a prompt along the lines of "@Finances, connect my accounts." ChatGPT will guide you through the process of importing your financial information through Plaid. The chatbot will then start building a visual dashboard, like the one you see in the screenshot OpenAI provided. The process of generating a visual representation of your finances may take a few minutes. From there, you can select one of the starter prompts or ask your own questions.

Understandably, some people may be hesitant to share their financial information with ChatGPT. OpenAI is looking to address those concerns by limiting the scope of what its chatbot can see. According to the company, ChatGPT can only read your balances, transactions, investments and liabilities through Plaid. It cannot see full account numbers or make changes to your accounts through the system.

Additionally, the company says users can disconnect their financial accounts from ChatGPT at any time, and any memories the chatbot saves about your financial situation can be seen or deleted directly from the Finances section of the app. ChatGPT cannot access these memories when using the temporary chats feature. Lastly, OpenAI's data controls settings apply to the new experience, so if you've already dug into those, your prompts and other information won't be used by the company to train future models.

According to an OpenAI spokesperson, work on the feature began before the company's recent acquisition of fintech startup Hiro, which offered an AI-powered financial planning tool for consumers. The company hopes to bring this new experience to more users, including Plus subscribers, in the future. "We're starting with a preview to a smaller group so we can learn from real-world use, improve the experience, and expand thoughtfully," OpenAI said.

Read More: ChatGPT will offer personalized financial advice (if you connect your bank account) - Engadget

 

[Morro]

Sure... we should all trust an AI with our financial accounts, what could go wrong! /s

 

[Miraculix]

I’ll be damned if I connect my bank accounts to ChatGPT.

 

[LinuxFan58]

I upvote the "what could possible go wrong" post of @Morro

 

[TairikuOkami]

AI lets you pick sport bets or invest using algorithm. It can be beneficial for people, who know nothing about it.

Revolut and Krak have something like that, plus AI help.

 

[LinuxFan58]

@TairikuOkami when all people start to invest based on algorithms, the algorithms become a self fulfilling prophecy. Ironically when AI knows what is going to happen on the stock market, AI would could be accused of dealing with inside information (which is illegal). Also would you trust the owners of AI-engines considering that one of AI owners (e.g. Musk with Grok) has awarded himself a performance contract with a 1 trillion dollar bonus when the market cap (value) of Tesla increases.

Maybe I am just old, but somehow this looks like controlling both supply and demand

With this in mind I also upvote the "I will be damned post" of @Miraculix

 

[Sampei.Nihira]

Yes, that makes sense.

Lately, I’ve been conducting several experiments with age verification.
The AI only generates correct rules for age blocking if I point out the correct code snippet in the browser’s developer console.
It’s also interesting to note that the AI generates responses with cosmetic rules.
But it would also be possible to use rules with scripts or scriptlets.

So I assume that even ChatGPT’s assistance won’t be the absolute best available in this area.

 

[simmerskool]

I asked chatGPT to read the article and comment"
"I’d treat it as interesting but high-trust-required...
I would not use it for:
bank login, tax-sensitive work, retirement decisions, trading decisions, or anything where a mistake costs real money." so chatGPT knows its limitations at least with my $

 

[Sorrento]

And my £ too

 

[Zero Knowledge]

Don't be too cynical or pessimistic. Actually this is the perfect use case for A.I, if you had lots of money or crypto or whatever asset and need advice? Sure go for it.

But I think it's not for the rich or upper class people, more like for mom and pop investors who can't afford expensive financial advisors.

If you know you know!