Would you trust AI to set a budget for you?

With all the hype around new AI technologies and the capabilities of ChatGPT, we want to know would you utilise these new technologies to influence your personal financial decisions? How do you think these new technologies will be used moving forward within the personal finance realm?

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Interesting topic for a thread. I’ll have to give it a bit of thought…

Thinking about this for a bit if there was an AI chatbot in the app would be very cool if you could click a button and ask how can I increase my savings this year. Or id like to buy a home what do I need and it sets out a guide sort of a personal robotic accountant or financial manager would be very interesting

I am worried about the wrong financial advice it might give. :scream:

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I do agree however for a lot of people it would be helpful for instance seeing someone spend 45% of their incoming on eating out could offer to reduce that and save the extra. Or if you wanted to ask a question about whats more tax efficient a LISA OR SIPP for instance and it has context of ur spending would be cool but i do think emma has to add a lot more integrations to make this work best. Pensions, investment accounts etc

RIP my job :smiling_face_with_tear:

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That would be a very interesting way to use the tech for sure. Would you feel safe following the advice for such big financial decisions?

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Personally i’m an engineer so id use it similar to wikipedia as a technical resource it would be a great way to start asking questions. Personally id take it just as one point and then further to see if the suggestion was right for me.

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I would trust AI to give insights, not necessarily financial advice. I think AI could be used to better analyse past spending habits and recommend savings opportunities. Eg, If you resist your Costa coffee you would save £x in 3 months, Monzo tries to do a bit of this with its weekly reports but I think the available technology is much better now.

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For merchant data maintenance this would be brilliant.

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Should we try to do Emma AI? :sweat_smile:

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Have you seen this Edoardo? Quite a good example of AI being used for personal finance.

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I personally think that’s bs and he’ll get sued for it.

The moment a chatbot says something wrong and the customer follows, the regulator will come in and shut down the whole thing.

It would be nice to have our own personal AI to help us day to day, but unfortunately, financial advice is a regulated activity - so apart from pointing at a couple of bills you have (can do this without AI), there is no real use case.

With this said, we thought about it from a different angle to generate dynamic weekly/monthly reports. It would require a lot of work and filtering, but having a dynamic conversation about your past performance might be nice.

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Agreed. I think asking it for reporting and discovery is helpful for sure.

This is what I’m thinking.

Although I wonder if the more advanced LLMs would need the data filtering? It feels like they’re getting close to the point where they could parse the raw data and interpret it in different ways.

Certainly, I think there’s one viable future where the UI is mostly text or voice, with images/analytics dynamically generated on whatever the nearest screen is.

That’s all a bit long term. In the short term if I could use natural language to filter and display data in Emma that would be massive.

I think this is doable.

The work is more on our side to make sure it doesn’t say anything “stupid” or “illegal”.

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This would be brilliant and an amazing differentiator.

Maybe if it was restricted to analytics as an alpha, that would get around the archive issue?

yes this would be great! :raised_hands:t3: