Artificial intelligence has rapidly become an integral part of wealth management, so that computers and algorithms analyze massive amounts of financial data to spit out stock recommendations and other types of advice. Yet it’s taken a bit longer to figure out a way to apply this technology to consumers’ day-to-day spending and saving habits.
But over the past year there’s been an explosion in the number of artificially intelligent personal finance chatbots, suggesting that we’re entering a new phase of digital assistance. Some of these digital assistants have human names like Olivia and Abe, while others go for succinct monosyllables like Plum and Trim. Financial institutions have started rolling out their own apps, too, like Bank of America’s Erica that’s purported to help customers make smarter financial decisions. This year MasterCard is releasing Kai that will respond to verbal or texted questions about credit card transactions.
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