How AI Will Change Personal Finance

Artificial Intelligence is the Holy Grail in the modern world. And there is nothing more driven to a scientist than this topic.

We are finding ourselves in a time where the boundaries are being crossed, and AI becomes to be a reality.

With Google Deep Mind, what they did is to find a way to show that the future of AI is here.

Data Processing

We always forget our friends’ telephone numbers, and I don’t even want to talk about calculating any type of mathematics. Even with our smartphones, we still could not compete with a computer when data processing is the topic.

Computers are getting faster and faster, and much easier to use. We went from a basic mouse and pad with our computers to using our thumbs on touchscreens. And we are in search of more and much faster and easier ways of doing things all the time.

This is where Artificial Intelligence steps in.

We gave the smart machines a way to learn and be smarter which allows us to relax a little more and do our jobs a little faster.

Personal Virtual Assistants

We are all heading to having a personal Jarvis if you are familiar with Iron Man’s Jarvis assistant. Yes, we will be able to transfer all of our monitoring activities to our personal assistant.

Our personal chatbot is going to be able to monitor all our transactions and bills and give us a better insight of the actual situation, finance-wise, we are in.

Personal Virtual Advisors

With the ability to monitor and give us constant updates on our finances, a chatbot can advise us on our spending behavior.

They will help us to build and improve credit scores. They will be able to give us a solution on bettering our financial situations. And, with all of this information in their hand, they will find us the right credit card.

We don’t have the time now to do that for ourselves and search all the banks and find the right products that can improve our financial situations, but Artificial Intelligence-powered programs will do that easily.

Offer Security Online

With the use of Smartphones, security has increased in the past few years. And with the involvement of AI into our financial institutions, that will increase even more.

Let me give you an example with iPhone: We are storing a lot of personal data on our phone, and if we lose it, we could be vulnerable, and our identifications can be stolen.

But the good thing is that we have several protections at hand:

• GPS so we can track the phone
• A personal code to enter into the phone
• Protection from the manufacturer

In this case, Apple will block the phone if it gets in wrong hands. With this security option, at least we have the time to take the necessary measures to protect our finances.

The story is little different if we lose our wallet or purse, and with our credit cards, and without of our phones in reach, we are pretty vulnerable. We need to call our banks or run home and use our laptops to freeze our accounts. And this is the least of our problems, as we need to prove to the financial institutions that, in fact, we are who we say we are.

Additonally, with so many passwords, numbers and security words, we can end up with a big headache when trying to remember them.

Hopefully, with the use of Artificial Intelligence, all this will end, as all you need to do is scan your face and talk to your phone so it can recognize your voice.

AI Final Thoughts

AI ─ the final frontier ─ this is the moment of the human mission to explore the unknown digital world, to seek out new life and to go boldly where no man has gone before.

For more information on how to build your personal chatbot, visit us here at ChattyPeople and get started for free today!

 

Posted by Slobodan S.