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Consumers Look To AI For Managing Personal Finances

Many consumers see artificial intelligence as a way to help them manage their money.

From finding loans and creating a budget to devising savings strategies and getting unbiased advice, AI is viewed as a potentially big help.

A new study suggests that AI could be helpful in managing finances and do a number of things better than consumers.

The study comprised a survey of 1,000 U.S. adults conducted by Propeller Insights for Varo Money, a banking app company.

There are some things consumers think AI can do better than them. Here are the things they think an AI assistant could do better than they do:

  • 50% -- Creating a budget
  • 44% -- Managing money
  • 44% -- Saving money
  • 32% -- Predicting bad weather
  • 19% -- Driving a car
  • 9% -- Being funny

Consumers also said they would take advantage of various artificial intelligence features if their mobile banking had them. Here are the AI features consumers say they would take advantage of, if their bank offered them:

  • 42% -- Automatically paying bills
  • 39% -- Analyzing cash flow
  • 37% -- Connecting bank accounts, credit cards, loans in one place
  • 34% -- Transferring money between accounts
  • 29% -- Faster debt repayment
  • 28% -- Setting categorized savings goals
  • 23% -- Finding a loan
  • 16% -- Preventing insolvency

More millennials than others would take advantage of features, such as automatic spending analysis (41%), analyzing cash flow (47%) and connecting bank accounts (42%).

One interesting tidbit found in the survey: 7% of consumers visit a physical bank branch only once in a six-month period, 5% once in a year and 10% never visit.

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