AI’s Financial Revolution -- a SavvyMoney Persective...

JB Orecchia

There has been a lot of buzz around AI in the last couple of years and for good reason. It is going to vastly improve not only the consumer experience but has numerous valuable applications for the financial service industry. With that said, it is very early in its development cycle. Even though some form of AI has been implemented across nearly all business sectors, it’s important to keep in mind that these tools need to be tested and validated for consumer consumption and advice. That doesn’t mean they can’t be useful, but that does mean they should be leveraged carefully and intentionally as long as precautions are taken. Because these tools will have an impact on how financial advice is delivered to the end consumer, you have to be extra careful you get the advice and messaging right. By processing vast amounts of historical information, AI can generate more nuanced recommendations, simplifying the advisory process. As the tech is utilized more extensively, its predictive capabilities will likely improve, benefiting both consumers and financial institutions. The AI revolution in finance is just beginning, it will not only transform financial advice, but how financial institutions run their business.

-- JB Orecchia, CEO and founder, SavvyMoney

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