The artificial intelligence-powered financial advisor: democratizing access to real-time, personalized financial guidance

With the rapid advance in artificial intelligence and cloud technology, financial advising has, until recently, been considered well outside the stance of technology-founded approaches. However, in recent years, a plethora of applications capturing these new technology opportunities have sprung up. Additionally, the respect for the traditional user bases of financial advising is very high and based on years of building convincing deals. Also, the prospective partnership with the traditional value chains implies the continued existence of the consumer base.

With this new robust and configurable AI literature, various opportunities arise. This includes investing opportunities but also creates a problem space. Traditionally, these agents, i.e., the software applications powered by AI technology and acting as financial planners, wealth management specialists, agents, or even just assistants, have been trained, used, or prepared in particular programs. They are pre-configured for similar market conditions, risk profiles defined by or very close to their respective investments and wealth management firms, or just the tools they were designed for.

Quantitative advisory, i.e., assisting or even automating the decision process in financial dealing. This includes alternatives such as investment and wealth management but also loans and consumer financial products. Particularly the quantitative part of this approach, including risk prediction, risk assessment, prediction of financial product performance, and transaction actions based on the risk and audit levels, has been very competitive and valuable for long even for actionable units or financial objects sterilized and possibly readied before execution.

The new species of financial agents or things on the market, namely family advisory agents, were trying to bring the idea over to the member universe of consumer finance and consumer financial products. Here open analysis and advice about personal finance including preconfigured investments and wealth management, against budget constraints, incomes, expenses, and life conditions as, e.g., kids, students, may turn out very exciting and very powerful.