Americans quickly embraced artificial intelligence (AI) technology when OpenAI released its ChatGPT function to the public in 2022. Since then, users have leaned on the model to help craft emails, plan weekly meals, and even write wedding vows.
Now, Americans are using the technology to help guide their finances and banking needs.
A new TD Bank survey, which fielded responses from 2,500 Americans, found that 87% of respondents are comfortable using and adapting to the new technology in their daily lives. Seventy percent are comfortable using it for fraud detection, while 64% employ the tool to handle credit score calculations. Nearly half (44%) feel at ease when allowing AI to manage their investments, and 43% would be open to combining the tech with a human advisor for help with financial planning.
Such sentiments provide an opportunity for firms to open conversations on incorporating AI to financial planning, said Ted Paris, EVP and head of Analytics, Intelligence & AI for TD Bank.
“We are seeing increased optimism and curiosity around AI to help make smarter, more informed decisions, with more than half of Americans believing that AI can offer financial advice that is tailored to their situation,” he said. “For financial institutions, this signals a call to action to build understanding, increase awareness and demonstrate how AI can enhance everyday financial decisions. Trust is what matters most.”
While respondents were most comfortable integrating the technology for budgeting (60%) and automating savings goals (59%), respondents showed skepticism when asked if they would incorporate the technology to handle tasks like retirement planning (48%) and investing (44%).
A small number of respondents saw no benefit in including the technology to financial planning (22%), while 50% do not believe AI could give them advice that is fair and unbiased. Others say they need additional clarity, education, and tools before incorporating AI into their finances.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.