Having a Chatbot as your personal financial advisor

Debt has a way of accumulating very quickly – but chatbots are awesome at helping you keep track of things and to make better decisions.

I was watching this reality program recently about this young 18-year-old girl who made purchases to the value of $5000 in a very short time using a credit card. Fortunately, someone came to her assistance and has helped her to realize the error of her ways. She had to commit to a predetermined down payment in order to ensure that those $5000 could be paid off in one year. A lot more has to be done to educate young children about the need to budget properly. They have to be educated about things such as income and expenses and how to balance the two. You may not always have a financial advisor at your side when you are considering some purchase. Fortunately, emerging technologies are now available which makes it possible to have a chatbot who can provide you with instant financial advice. Many people simply do not know what a chatbot is. This is simply sophisticated artificial intelligence entities which have been programmed to provide some useful service. This is why it is a relatively simple process to program chatbots to help people with their finances.

There are several options

It is possible to have a financial advisor application which has been integrated into your favorite messaging application. These chatbots have already been used very effectively in many industries and making use of them has provided those industries with tremendous benefits. Having such a financial advisor in your pocket can really help people to manage their finances better. Such a chatbot can be programmed to keep track of all the expenses which is made every day. They can also be programmed to provide users with a warning when it becomes obvious that the user is overspending. This can help people to avoid a situation where they commit themselves to purchases which might place them in an uncomfortable situation financially. When one looks at the millions of people who are struggling with debt in the USA alone then there can be no doubt that such a chatbot can make a very big difference.

They are ongoing research

The idea of a personal financial advisor has already been considered by corporations such as Fintech. The reality is that a chatbot can be programmed to do just about anything imaginable. Therefore, when information technology corporations and financial corporations come together, they have all of the knowledge needed to design a highly efficient personal financial advisor chatbot. Such a chatbot will be able to assist people with budgeting, helping then spend more effectively and also how to invest better. There are lots of financial institutions today that have the technology and the know-how as well as all of the necessary resources to create highly efficient chatbots. These artificial intelligence devices will make a huge difference in the way in how most people approach their financial management. Not only will individuals benefit but there will also be benefits for financial institutions. Large financial institutions will be able to save a lot of money and they will be able to use resources better. This is because many of the tasks which are now handled by financial institutions can now be handled by chatbots.

No more costly human errors

 

It simply does not matter how talented and educated people are they will occasionally make mistakes. Those mistakes can cost a financial institution a lot of money annually. Making use of sophisticated artificial intelligence entities such as chatbots can help to eliminate most of those errors. When people have access to sophisticated chatbots it will be entirely possible to keep track of many accounts simultaneously. Your chatbots will also be able to provide you with frequent reports that will clearly show how your accounts are doing at any time of the day. The reality is that when you have a chatbot in your pocket it is just as good as having a bank which is accessible 24 hours a day in the convenience of your own home. Your chatbot will make it possible for you to do just about any financial transaction you can think of and this will include all the important payments which you have to make. We live in a world of technological advancement and where a high level of customer service is maintained by businesses and corporations.

Technology allow us to accomplish amazing feats which mostly help to simplify our lives and that helps us to be more effective. There can be no doubt that having a chatbot as a personal financial advisor is not only logical it makes perfect business sense.

Suggested reading: Avi Ben Ezra in the Brussels Times, Avi Ben Ezra in the BaltimorePostExaminer.