Although many people are sceptical about Artificial Intelligence (AI), it really can be useful if used correctly.

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According to research by Forbes, AI could be responsible for the doubling of economic growth rate in 20 countries by 2035.

Robo Advisors

In the personal finance arena, one of the fastest growing and most common uses of AI is the robo advisor. This is essentially an online platform that acts as a financial advisor, helping individuals manage investments and providing advice on things such as retirement plans, tax savings, and other financial management solutions. If you are still unsure about a computer doing this and you want a human touch when it comes to your finances then why not try a Equity Release Gloucestershire company with professional business links including https://www.palmermortgages.co.uk/financial-services/equity-release-gloucestershire/.

Robo advisors use complex algorithms and personal preferences to provide what is logically the best investment and financial advice for each individual.  They also execute the investments and even have the ability to adjust strategies based on the changing environment/financial markets to ensure the best outcomes possible.

If you would like to discover more about the range of financial advisors available, why not visit the website of a specialist..

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Fraud Detection/Prevention

Artificial intelligence can help reduce the chances that an individual will fall victim to fraud. It can do this by analysing vast numbers of data points to flag irregularities or unusual behaviour that would probably go unnoticed by human analysts.

Credit Approval

Through the use of AI and in particular machine learning, the credit approval process is likely to become much quicker whilst at the same time being much more detailed and thorough. This is because going forward the AI will be able to use an increasing number of data points to reach a decision. These data points will range from bank account balances, spending patterns, exact income, short and long term debt amounts right through to things like Google search terms, online purchasing patterns, and even social media updates/statuses!

Budgeting Help

AI, and in particular chatbots, can help individuals to manage their money and savings. There are already a number of chatbots that can be connected to bank accounts and analyse income and spending habits in order to offer advice on things such as saving for large future purchases (eg. holidays, cars, home improvements etc.)

The use of AI and machine learning in the personal finance field is in its infancy, but it is expected to grow rapidly and really could transform the industry.