Consumers Want More — Can Artificial Intelligence Deliver?

“Consumers want — and need — more personalized and proactive data-driven insights to help manage their finances and achieve better financial outcomes,” says Crystal Anderson, Vice President of Product at MX.

According to our latest survey of consumers, 1 in 4 U.S. adults feel that financial providers do not do enough to support their financial needs. For us, we believe the answer lies in the data. With greater access to financial data comes better insights, better experiences, and more personalization. 

However, many financial institutions and fintechs still struggle with how to tap into the sheer power of the financial data at their fingertips. One answer could be leveraging machine learning and artificial intelligence to drive better financial outcomes. 

So who better to tell us what AI can do for financial services than the AI of the moment: ChatGPT? Here’s what it had to say: 

Artificial intelligence (AI) has the potential to create better financial outcomes for consumers in a number of ways:

• Personalized financial advice: AI can analyze an individual's financial data and provide personalized advice on how to manage their money more effectively.
• Fraud detection: AI can be used to detect fraudulent activity in real-time, helping to protect consumers from financial losses.
• Credit scoring: AI can analyze large amounts of data to more accurately assess an individual's creditworthiness, which could lead to more fair and accurate credit decisions for consumers.
• Automated financial planning: AI can help consumers create personalized financial plans, such as retirement plans and investment strategies, based on their goals and risk tolerance.
• Predictive analytics: AI can analyze consumer's spending patterns to predict their future financial needs and offer personalized recommendations for savings and investment plans.
• Automated investment management: AI can be used to create and manage portfolios for consumers, which can help them to achieve their financial goals with less effort.

It's important to note that the benefits of AI in finance are heavily depend on the quality of the data and the ethical use of it.

ChatGPT’s answer also clearly relies on financial data as the answer. Are you making the most of financial data today?