Robots get in on the act

Artificial intelligence will play an increasingly important role in helping us run our finances and create wealth

- TOM WATSON

Generative AI (artificial intelligence) must surely be in the running for the Oxford word of the year, having been thrust into the spotlight with the sudden arrival of ChatGPT from Microsoft-backed OpenAI.

The emergence of this kind of artificial intelligence, which refers to algorithms (such as ChatGPT) that can be used to create new content, including audio, text and videos, and the speed at which it is entering everyday life, have naturally raised questions about its place in schools, universities, the workplace and broader society.

If a recent UK study is anything to go by, investors are also ready to embrace generative AI.

According to the 2023 Investor Index, 20% of those surveyed had already tapped into AI chatbots such as ChatGPT for financial advice, while 73% agreed AI is able to provide reliable financial advice – or will be able to do so in the future.

Better money managers 

One Australian fintech already catering to investor interest – and integrating ChatGPT functionality into its micro-investing app – is wealth management app Douugh (ASX: DOU).

Set to launch later this year, Douugh hopes ChatGPT will help users make more informed financial decisions, thanks to the succinct explanations and information it can provide – although founder and chief executive Andy Taylor is being careful this doesn’t stray into financial advice.

“We’re seeing a huge opportunity here to better educate and inform users to take control and educate themselves, through this technology, to become better investors and better money managers,” he says.