How AI becomes an aid to investment and savings management – 05/19/2024 at 08:30

How AI becomes an aid to investment and savings management – 05/19/2024 at 08:30
How AI becomes an aid to investment and savings management – 05/19/2024 at 08:30

How to manage your money well? The answer to this question could be given to you by artificial intelligence. In our lives for several years now, it has enjoyed increasing success, particularly since the arrival of ChatGPT.

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AI to give personalized advice

Banking establishments and other companies with expertise in savings and investments should increasingly turn to artificial intelligence to support their customers. AI has been used in the financial sector since the 2000s. However, its application in the consulting field is more recent. What does it allow? It helps to offer personalized advice, adapted to the profiles of investors and savers. Artificial intelligence can take into account a large amount of data. As a result, its recommendations are normally precise. As Souleymane-Jean Galadima, CEO of Sapians explains – “Digital family office which combines the pragmatism of an investment platform and the expertise of the leading FO iVESTA” – AI makes it possible in particular to support those and those who do not have a sufficient level of assets to benefit from personalized monitoring. Within Crédit Agricole, it is used to detect a deterioration in the financial situation of customers but also to check supporting documents. It thus reduces the mental load of advisors.

Robo-Advisor and stock market investment

This year, the neo-bank Revolut decided to launch Robo-Advisor for those who want to invest in the stock market but who do not have time to devote to this project. In practice, Robo-Advisor invests clients’ money and then constantly monitors and manages their portfolio. And if Robo-Advisor uses AI, it also relies on mathematical tools. Additionally, Revolut says that people monitor the tool’s performance. The human is therefore always present. “AI can be used to assist in financial decision-making, but it is unlikely that it can completely replace a financial advisor. » And that’s ChatGPT saying it!

Artificial intelligence and financial advice: what are the limits?

However, it should be noted that many rules govern the field of financial advice. AI therefore has a fairly limited field of action. Artificial intelligence can still play several roles such as: finding good deals; identify risks through constant monitoring; minimize losses; saving advisors time… And since AI continues to evolve, we can easily imagine that in the months and years to come, it will fulfill other functions in the savings and investments sector. For the moment, it does not convince everyone. Quentin Duquenne, co-founder of Avnear, believes that ChatGPT data is not updated regularly enough and that the advice is too vague and general. Aymeric Richard (Chartrons Patrimoine) is of the same opinion. They also point out the unreliability of the data provided. With or without AI, it is always better to have the opinion of a human expert before embarking on an investment or savings project.

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