The topic OpenAI wants ChatGPT to read your bank statements — here’s what it can actually… is currently the subject of lively discussion — readers and analysts are keeping a close eye on developments.
This is taking place in a dynamic environment: companies’ decisions and competitors’ reactions can quickly change the picture.
according to the data OpenAI, 200 million people visit ChatGPT with money-related issues every month. People want to learn how to save, earn more, and manage their investments, and when the human world fails to deliver what they’re looking for, they turn to AI. However, for an AI to have a good idea of someone’s financial situation, it needs details about their accounts to better render judgment.
So, why not cut out the middleman and just let the AI take a peek at your financial records? That’s exactly what OpenAI wants to do with its new feature. The company has announced that a new personal finance experience has arrived on ChatGPT, and fortunately, your AI companion won’t be able to make purchases on your behalf.
In a blog post on the OpenAI website, the company explains that the new feature is currently in preview. It lets you connect ChatGPT to your bank account, giving your AI assistant a peek at your finances. On the website, OpenAI shows two examples of someone asking ChatGPT, “Help me come up with a plan to save a little bit more in the next few months,” one where the finances tool is not connected, and one where it is
The chat without financial data is good, but because ChatGPT doesn’t know the user’s financial data, it has to settle for general advice. In comparison, the advice it gives when it has access to the user’s data means it can sum up the user’s expenditures and give personalized tips based on what they spend money on.
It’s useful, but the very idea of giving a chatbot access to your financial records is enough to make a privacy advocate’s toes curl. Fortunately, if you’re worried that ChatGPT will start investing in stocks while you’re asleep, OpenAI says that its AI won’t have that much power:
Your financial data is sensitive, and we have built this experience to respect your privacy and ensure that you’re in control of your information.
When you connect your accounts, ChatGPT can access your balances, transactions, investments, and liabilities to help visualize your finances or answer your questions. It cannot see full account numbers or make any changes to your accounts.
While I can imagine some people still not feeling great about using this new financial tool, the truth is that, if people are already uploading records and statements to the AI for help, attaching their account to ChatGPT basically cuts out a few steps to achieve the same result.