What Is an AI Personal Finance Assistant?

What Is an AI Personal Finance Assistant?

An AI Personal Finance Assistant is an AI that has safe access to be able to read and query your transactions and help you come up with insights and information.

AI Personal Finance Assistant vs Chat GPT

The biggest difference between an AI Personal Finance assistant and a different LLM such as Chat GPT is context.

If you ask ChatGPT a financial question directly, it will do a good high level job at answering your question. However the answer will have no context on your current financial situation and what you need the most.

With an AI Personal Finance Assistant, it will have access to your actual finances, so it will be able to give you the best advice tailored to your needs.

Some problems that we have run into at Finance AI

Trying to create an AI Finance Assistant can be a little bit tricky. The AI has to be connected to all of your bank accounts, and then you have to give it a safe and secure way to be able to read and query those in a cost-efficient way.

If you give AI all of the tokens in the world, it can go and pull up all of your transactions to see exactly what’s happening, and that is going to cost a lot of money. So you will need to give it the tools in order to query your financial history, such as your transactions, but not just transactions. Also net worth, mortgage rate, stocks and other things that have to do with your finances.

At Finance AI we have had to iterate a lot on our AI Personal Finance Assistant. We have landed on this: we let the AI see and read your data using queries, and we limit it with safety checks on how much data it can pull at once.

We give it tools to help you understand what it is saying, like graphing tools, bar charts, line graphs, so that it can display information in a very nice and easily understandable way.

Another key part of an AI Personal Finance Assistant is that it needs to be able to run when you are not actively chatting with it. This means running on a remote server at certain times. Our agent categorizes, finds insights, and monitors transactions while you sleep.

The Future is bright

The future for AI Personal Finance Assistants, in my opinion, is only growing. Eventually the agent could take actions on your data and give you suggestions on what to invest your money in, how much you should be saving. From there it would be a one-click push to have your Assistant do that for you.

At Finance AI we are constantly making changes that could make our AI Assistant even better for our users.