Summary
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ChatGPT can connect to your bank to view balances, transactions, investments and liabilities.
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Provides personalized savings and budgeting advice while being able to see your actual transactions.
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OpenAI says ChatGPT cannot see full account numbers or control accounts; includes privacy controls.
According to OpenAI, 200 million people come to ChatGPT every month with money-related problems. People want to learn how to save, earn more, and manage their investments, and when the human world can’t deliver what they’re looking for, they turn to artificial intelligence. However, for AI to have a good idea of someone’s financial situation, they need details about their accounts so that it can make better judgments.
So why not cut out the middleman and let AI take a look at your financial records? That’s exactly what OpenAI wants to do with its new feature. The company announced that a new personal finance experience is coming to ChatGPT, and luckily, your AI companion won’t be able to make purchases on your behalf.
OpenAI unveils a new financial experience for ChatGPT
Are you brave enough to admit that you spend too much money on your hobbies?
In a blog post OpenAI websitethe company explains the new feature in a preview now. It lets you connect ChatGPT to your bank account, giving your AI assistant an overview of your finances. On its website, OpenAI shows two examples of someone asking ChatGPT, “Help me come up with a plan to save a little more in the next few months,” one where the financial instrument isn’t tied, and one where it is
A chat without financial information is fine, but since ChatGPT has no knowledge of the user’s financial information, it should be limited to general advice. By comparison, the advice it provides when it has access to user data means it can summarize a user’s spending and provide personalized advice based on what they spend money on.
Useful, but the idea of giving a chatbot access to your financial records is enough to curl a privacy advocate’s toes. Fortunately, if you’re worried about ChatGPT investing in stocks while you sleep, OpenAI says its AI won’t be too powerful:
Your financial information is sensitive, and we’ve designed this experience to respect your privacy and ensure you’re in control of your information.
When you connect your accounts, ChatGPT can access your balances, transactions, investments and liabilities to visualize your finances or answer your questions. He cannot see full account numbers or make any changes to your accounts.
While I can imagine some people still don’t feel comfortable using this new financial tool, the truth is that if people are uploading notes and statements to AI for help, adding their account to ChatGPT basically cuts out several steps to achieve the same result.
