Can We Rely on AI for Smarter Financial Planning?

Can We Rely on AI for Smarter Financial Planning? | OpenGrowth

Financial planning. It's a phrase that can induce both excitement and dread. But what if there was a way to ease the process, personalize your plan, and even make it a little more exciting? 

AI, or Artificial Intelligence, is on the rise, and finance is no exception. AI financial planning software uses sophisticated algorithms to analyze your financial data and recommend personalized strategies. 

It can crunch numbers faster than a human advisor. Are you worried about the next roadblock hitting your financial planner? Let AI take charge of this. Read more here.

 

How is Artificial Intelligence in Finance Changing Markets?

Innovation is fundamentally altering the AI financial planning process. From building the Metaverse and giving way to AI-driven augmentation, it has come a long way.

Traditionally, financial mapping might involve lengthy meetings with a financial advisor, pouring over spreadsheets, and sifting through mountains of data. 

AI software automates many of these tasks, freeing up your time and the advisor's expertise for more strategic discussions. 

So, can we rely on AI for smarter financial planning? The answer is a cautious yes. AI offers not one but many advantages:

  • Personalization
  • Data-driven insights
  • Affordability at the core

But, it's important to remember that AI is still a tool. 

And like all other tools, humanity’s favorite tool right now has its shortcomings.

Take, for instance, the human oversight. AI can't replace the human element of financial planning. For what it is worth, a qualified advisor can answer complex questions, and make adjustments based on life events. 

Bonus point: They empathize with you too.

And while AI can't understand the emotional aspects of money management, it can still be half useful with its endless source of knowledge. 

 

Open AI vs. Closed AI

OpenAI’s core algorithms are accessible for scrutiny, which means a level of transparency. To an extent, you can see how the AI arrives at its suggestions, giving you a sense of control and understanding. 

This very instance is powered by big data and other technologies. Additionally, OpenAI fuels customization. The open-source nature allows for tweaking the algorithms to fit your unique situation. On top of that, OpenAI tools are often more affordable.

 

A robot pointing to one side

 

Closed AI? You might have heard of open-source AI till now but what might closed AI be? As the name suggests, closed AI platforms keep their algorithms secret. And with this comes the biggest red flag.

How did they get all the information? What is their source? One should do a little research before handling their financial future solely to a machine.

 

What About Security Breaches?

Closed AI platforms aren't immune to data breaches either. The key is to choose a platform with robust security measures, regardless of Open or Closed. 

Although there's no clear champion in the OpenAI vs. Closed AI battle for AI financial planning, it ultimately depends on your priorities. 

Do you value transparency and potentially lower costs? OpenAI might be your match. If security and high-tech features are your top concerns, a closed AI platform might be the way to go.

 

The Problem With AI Financial Planning

It poses several problems apart from the regular AI financial planning lingo.

More than 20 million manufacturing roles are expected to get lost in AI innovation by 2030. 

It will, indefinitely, leave many switching roles or learning a new skill altogether.

Then we have the accuracy of AI plans.

The accuracy of your plan hinges on the accuracy of your data. So, before you let the machines take the wheel, ensure you're feeding them clean and up-to-date information.

But how did we get there in the first place?

Some AI models crunch numbers, dole out charts, and recommend strategies, but you have no idea how they reached those conclusions. 

This lack of transparency can be unsettling. The question lies in the answer —Wouldn’t you want to know how it came up with the data in the first place?

A 2020 report by AI Now Institute found that 42% of AI researchers surveyed expressed concern about bias in AI algorithms. 

The C-level executives too had their doubts. A 2022 PwC Survey report of 2020 revealed that only 32% of CEOs globally believe that society trusts AI. 

On top of that, a 2021 study by Accenture found that 70% of businesses believed in AI’s incapability to explain its source. 

To make it easier for you, we asked it to write an AI financial planning process and mention the source.

Here’s the answer it presented when asked about the source:


A screenshot of a conversation
 

The Positive Side

The global Fintech AI is expected to hit $22.6 billion by 2025, possibly marking explosive growth. (PwC report) 

AI has been making the rounds without fail! But what about consumer interest? A 2020 Accenture survey found 33% of people are interested in using AI for financial advice, proving there's a growing appetite for this tech.

Additionally, a Juniper Research report suggests AI can cut your financial planning time by 20%, making it a real-time saver.

 

The Bottom Line

Now, the question lies —should you or should you not take advice from AI on matters of finance? Our fractional executives and experts on demand would advise you to go easy on the process. 

Much like space tech startups that are based on AI and the Internet of Things (IoT), financial planning is a long process. 

AI financial planning is a powerful tool with the potential to democratize financial planning and make it more accessible. 

However, it's best used with a human advisor for a truly holistic approach. So, the next time you sit down to work on your financial plan, consider letting AI be a companion in this financial pathway rather than an all-knowing advisor.

An AI financial planning software can analyze your data and offer personalized insights, saving you tons of time. But for truly holistic planning, consider partnering with an OpenGrowth expert. Our fractional advisors can answer your complex questions and provide the emotional support a machine can't.

Schedule a consultation today and access your financial future with AI and human expertise on your side.

Mrittika is fascinated by the intricacies of two extremes -data science and Bollywood's vibrant storytelling. In her copywriting pursuit, she seeks perfection and is very particular about words. Beyond copywriting, she reviews cinema and shares her perspectives.

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