It powers the search engines we use to find new information, automated machines (including emerging autonomous vehicles), and even medical diagnoses.
But one of the most promising areas for AI emergence has been in the realm of personal finance; through the use of advanced data processing, personalization, and intelligent decision making, AI-based platforms purport to help users manage and build their wealth.
First, there’s the emergence of AI-based saving and budgeting apps, which can gather data from users (such as how much money they make and what they’re currently spending on wants and needs), and make recommendations for how to allocate their money differently.
These increase the convenience factor, and oftentimes make more consistent recommendations than a human being could.
Other companies have ventured into the realm of “robo-advisory” or robo-trading, which makes use of advanced AI algorithms to make intelligent stock picks and rebalance your portfolio over time.
But are these platforms really helping consumers financially?