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Credit Karma unveils updated AI tools to help you better understand your finances
Imagine having a financial advisor, immersed in your financial data, ready to answer your money questions at any hour. That's Credit Karma's goal with its new and improved AI assistant. Since its launch in 2007, Credit Karma has aimed to help people make sense of their finances by providing them with key insights, resources, and more. On Wednesday, Credit Karma unveiled an updated version of Intuit Assist, a generative AI financial assistant initially launched in private beta last fall. The AI assistant, available to all Credit Karma users on the app, can now assist with a wider range of topics, including personal finances. Also: 6 ways to save money on TV streaming without losing the shows you love Like any other chatbot, you can chat conversationally with Intuit Assist to get answers to your financial questions. However, the difference between Intuit Assist and any other AI chatbot capable of providing financial advice is that it is grounded in your data. "We want AI to really understand, so we're trying to give AI a sense, not just of what your data is, but who you are and what probably matters to you right now so it has a good way to talk to you," said Ryan Graciano, Credit Karma's Chief Product Officer and Co-Founder. Intuit Assist can answer questions regarding your finances using the information you have linked to your Credit Karma profile, such as personal spending, debt, net worth, and more. Users can ask Intuit Assist for anything from financial advice to general finance questions, such as what a term means, to specifics about their financial health, with the chatbot acting like a 24/7 financial advisor. I had the opportunity to demo the product, and my favorite feature was the chatbot's insights on spending habits. Also: You can trade in old electronics for Amazon gift cards. Here's how it works During the demo, Graciano asked Intuit Assist to learn more about his spending habits last month. The chatbot provided a complete breakdown accompanied by a colorful graph visualizing the spending, as seen below, all within seconds. "We built some pretty cool technology that can then take that AI response and visualize it, and the AI actually decides what visualization to show, which is also pretty neat," said Graciano. Users can then use those insights to inform their future financial decisions, such as adjusting spending habits, budgeting, or deciding which credit card to open to maximize rewards. If they need advice on acting on those insights, users can ask Intuit Assist further questions. Other instances of AI on the app include the "Your Insights," "Ask Intuit Assist," and "FAQs" sections, which leverage AI to show you the information that it deems most helpful and pertinent to you. For example, under "Your insights," you will see trends based on your financial data, such as your connected accounts, credit score, and profile. "If you consider what you would want a financial assistant to do for you, you wouldn't want to call them [human, financial advisor] every day and ask them what I should pay attention to today," said Graciano. "You actually want them to reach out to you and say, these are the things you pay attention to, so that's kind of the idea." The FAQs section displays frequently asked questions from Credit Karma members, which users can then click on to prompt a conversation with Intuit Assist to explore the topic further. Similarly, the "Ask Intuit Assist" section displays what Credit Karma calls "top-of-mind questions" across different financial topics, which users can also click on to learn more about. Lastly, the new "shop intelligently" AI-powered credit card shopping experience provides users with personalized and contextualized explanations regarding which card best fits them, using their debt and financial health as factors when recommending a card. "If you're interested in, you know, one card or another, Credit Karma is also really good at this because we have a much more transparent approval than many of our competitors," said Graciano. "I always like to draw an analogy to shopping for pretty much anything else on the internet -- it's really weird to go anywhere and see a list of products and not know if you can get them -- and so our site really strives to make it as transparent as possible." Also: I changed these 5 TV settings to lower my electric bill. Here's why they work To help users navigate the card shopping experience, embedded questions and commands allow them to educate themselves further on the card options. A sample command would be, "Help me compare travel card offers," which, when tapped, would prompt an AI-generated response. Naturally, you may be apprehensive about letting AI access your financial data. However, Graciano said security was at the top of their minds. "Security is in our DNA," said Graciano. "Secure by design has been one of our principles for as long as I've been here; it has been everything we have done; everything we do is always security first." Another widespread concern regarding generative AI models is their credibility, as they are prone to hallucinations. So, how much can you trust the advice Intuit Assist gives? Graciano shares that although the technology is imperfect, it is well-informed on Intuit data and content, allowing it to perform with impressive accuracy. "It is true that the nature of the technology is not perfect; to be frank, though, traditional software technology is also not perfect," said Graciano. "What's really imperfect is going and reading 1000 articles online, digesting them, trying to understand what they mean, and then making decisions." Also: Want to save your old computer? Try these 5 Linux distributions "We have a huge advantage in that Intuit has a lot of data and a lot of content, and with our content, we can really hone it in on what makes sense -- so it's very unlikely to tell you something really wild and out there." I have been a Credit Karma user since I was looking into opening my first credit card in my freshman year of college and have found the platform genuinely helpful in understanding my finances. When I was briefed on these tools, as a user, I became genuinely excited about what they have to offer as they seem like they will elevate the user experience and provide insights that I could benefit from learning myself. However, I am curious to see how it will handle the challenges above, and I will put it to the test myself to find out. If you, too, want to access these new features, you need only create a free Credit Karma account and download the app, which is free and available on the Apple App Store and Google Play Store.
ZDNet
Wed, 24 Jul, 2:03 PM UTC
From Branches To Digital Platforms: How AI Is Simplifying Financial Services
Moreover, as AI continues to evolve, we can expect to see even more sophisticated applications In an era where digital transformation is reshaping industries across the globe, the financial services sector stands at the forefront of innovation. Gone are the days when banking was synonymous with long queues and paperwork. Today, AI is transforming how we interact with financial institutions, making services more accessible, personalised, and efficient than ever before. One of the most significant advancements in the financial services industry is the integration of conversational AI platforms. These sophisticated systems combine cutting-edge speech recognition, natural language processing, and even 3D visualisation to create an immersive and tailored customer experience. Imagine walking into a virtual bank branch, greeted by an AI-powered avatar that not only understands your queries but can also provide personalised financial advice and product recommendations. Leading banks in India, such as Karnataka Bank, collaborating with DaveAI, have already embraced this technology, deploying virtual assistants that can engage with customers 24/7. These AI-driven platforms are not just answering simple queries; they're assisting with complex transactions, loan applications, and investment decisions, all while learning from each interaction to improve their service continuously. Another groundbreaking application of AI in financial services is the use of 3D visualisation technology. This innovation allows customers to explore financial products and services in a highly realistic virtual environment. For example, when considering a mortgage, customers can take a virtual tour of properties, visualise different renovation scenarios, and see how various loan terms would affect their monthly payments -- all within an immersive 3D interface. This technology isn't limited to real estate. It's being used to help customers visualise their financial goals, from retirement planning to education savings. By making abstract financial concepts more tangible, banks are empowering their clients to make more informed decisions about their financial future. While efficiency and accuracy are crucial, the financial services industry is recognising the importance of emotional intelligence in customer interactions. The latest AI platforms are being developed with a focus on empathy and emotional understanding. These systems can detect nuances in tone and sentiment, allowing them to respond more appropriately to customers' emotional states. For instance, if a customer expresses frustration over a declined transaction, the AI can detect this and offer a more empathetic response, perhaps explaining the reason for the decline and suggesting immediate solutions. This emotional intelligence helps bridge the gap between traditional face-to-face banking and digital services, making customers feel understood and valued even in a virtual environment. The power of AI in financial services extends beyond customer-facing applications. Behind the scenes, AI platforms are being integrated with various enterprise systems, enabling seamless data exchange and collaboration across applications. This integration allows for more efficient operations, from risk assessment and fraud detection to regulatory compliance and financial forecasting. For example, when a customer applies for a loan through an AI-powered platform, the system can instantly access and analyse data from multiple sources -- credit bureaus, internal databases, and even external economic indicators -- to make a well-informed lending decision in seconds. This not only speeds up the process for customers but also helps banks make more accurate risk assessments. As we look to the future, the potential applications of AI in financial services seem boundless. We're moving towards a world where your banking app could act as a personal financial advisor, using predictive analytics to help you make smarter financial decisions. It might warn you about potential overspending, suggest investment opportunities based on market trends and your risk profile, or even negotiate better terms for your loans and credit cards on your behalf. Moreover, as AI continues to evolve, we can expect to see even more sophisticated applications. Quantum computing, for instance, could transform financial modelling and risk management, while advanced natural language processing could make interacting with your bank as natural as chatting with a friend. The integration of AI into financial services is not just changing how we bank -- it's redefining our relationship with money and financial institutions. By bringing together conversational AI, 3D visualisation, emotional intelligence, and seamless system integration, the industry is creating a more accessible, personalised, and efficient banking experience for all. As we embrace this AI-driven future, it's clear that the days of impersonal, one-size-fits-all banking are behind us. The new era of financial services is smart, intuitive, and tailored to each individual's needs. While challenges around data privacy and security remain important considerations, the potential benefits of AI in finance are too significant to ignore. The transformation from traditional branch banking to AI-powered digital platforms represents more than just a technological shift -- it's a fundamental reimagining of what banking can be.
Inc42 Media
Sun, 28 Jul, 12:01 PM UTC
This AI-powered financial advisor has quickly gained $20 billion in assets
AI-generated responses are becoming more common, whether travelers know or not. An automated financial advisor called PortfolioPilot has quickly gained $20 billion in assets in a possible preview of how disruptive artificial intelligence could be for the wealth management industry. The service has added more than 22,000 users since its launch two years ago, according to Alexander Harmsen, co-founder of Global Predictions, which launched the product. The San Francisco-based startup raised $2 million this month from investors including Morado Ventures and the NEA Angel Fund to fund its growth, CNBC has learned. The world's largest wealth management firms have rushed to implement generative AI after the arrival of OpenAI's ChatGPT, rolling out services that augment human financial advisors with meeting assistants and chatbots. But the wealth management industry has long feared a future where human advisors are no longer necessary, and that possibility seems closer with generative AI, which uses large language models to create human-sounding responses to questions. Still, the advisor-led wealth management space, with giants including Morgan Stanley and Bank of America, has grown over the past decade even amid the advent of robo-advisors like Betterment and Wealthfront. At Morgan Stanley, for instance, advisors manage $4.4 trillion in assets, far more than the $1.2 trillion managed in its self-directed channel. Many providers, whether human or robo-advisor, end up putting clients into similar portfolios, said Harmsen, 32, who previously cofounded an autonomous drone software company called Iris Automation. "People are fed up with cookie-cutter portfolios," Harmsen told CNBC. "They really want opinionated insights; they want personalized recommendations. If we think about next-generation advice, I think it's truly personalized, and you get to control how involved you are."
CNBC
Wed, 31 Jul, 8:09 PM UTC
AI-Powered Personal Finance Tools: Revolutionizing Money Management
Personal finance management has evolved from basic spreadsheets and manual budgeting methods. Artificial intelligence is changing the dynamics of money management with smarter and more efficient ways to handle one's money, budget, invest, and plan for the future. Personal finance tools driven by AI use advanced algorithms and data analytics to provide individuals with customized financial insights and recommendations. This paper presents how AI is revolutionizing today's finance with its indicated key tools that carry out transformative benefits.
Analytics Insight
Sun, 28 Jul, 6:00 PM UTC
Mool launches latest AI-powered Financial Advisor, Enhances Financial Management
With the launch of its AI-powered financial advisor, Mool redefines the future of personalised financial guidance and optimised wealth management. Mool, a financial technology company, has recently launched its AI-powered financial advisor subscription service to transform the dynamics of smart investing. Leveraging the power of Gen AI capabilities and simplifying interface, the Mool's affordable app embedded with an extensive array of features is designed to streamline and enhance financial management. Fintech companies are striving to catalyse innovation in the field of investing, as the recent KPMG survey statistics state that 84% of financial service leaders have already adopted AI within their organisation. Against this backdrop, Mool strives to leverage technology as an asset to empower individuals to achieve their financial goals, whilst helping them effectively navigate complex financial landscapes. Mool's AI-powered financial advisor, Birbal, pays homage to the wise and witty minister Birbal, whilst providing personalised financial advice to user's, helping them make smart decisions about career, wealth, and life. From managing daily finances, offering informed recommendations, and mitigating risks to future planning, Birbal delivers expert guidance tailored to every user's unique needs to ensure financial stability. Elated about the company's recent milestone, Abhinav Nayar, Founder & CEO of Mool commented, "We are thrilled to launch a ground-breaking tool designed to make investing simple and intelligent. At Mool, we truly believe that everyone deserves a simple and accessible way to manage their finances and this launch is a testament to our belief. In addition, AI's increasing potential to facilitate smart investing has provided us the opportunity to lead the development of an AI-backed investment ecosystem." Emphasizing easy expense tracking, Mool consolidates its user's bank accounts, thereby making it simple to track spending and understand financial habits. This holistic view of finances enables them to make better decisions and stay on top of their budget. Additionally, the platform also provides access to expert research on India's fastest-growing companies, delivering the specialised knowledge required to make informed investment decisions. Offering zero-commission investing, the AI-driven investment app allows individuals to directly invest in expertly curated portfolios without the burden of fees. This fee-free investing approach helps individuals grow their money more effectively while ensuring they get the most out of their investments. To cater to diverse individuals, including young professionals, newlywed couples, families with young children and older couples in retirement, Mool offers flexible, cancelable, and affordable subscription plans. Emerging as an indispensable asset for In financial management, AI in the BFSI sector is poised to touch $100 billion by 2032, positioning Mool at the forefront of this growth. With plans designed to To meet every individual's specific investment needs, the company is actively working towards delivering robust financial support that is adaptable to changing life circumstances.
CXOToday.com
Mon, 29 Jul, 10:04 AM UTC
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