AI Revolutionizing Financial Services, Making Humans Smarter with Numbers and Symbols
A new revolution is taking place in the financial world, and it’s all thanks to artificial intelligence (AI). Computers have already made significant changes to how people save, invest, and manage money, but now, smarter and more powerful machines are using decades of financial data to help humans make better predictions about the future.
According to experts, the financial services industry is the perfect fit for AI. The abundance of numbers and symbols in financial data can be overwhelming for many people, but AI can help make sense of it all. One of the ways AI is being utilized is through the use of chatbots powered by large language models (LLMs).
Morningstar, a Chicago-based investment rating and research giant, has developed an AI-powered chatbot named Mo. Mo specializes in answering general financial queries and can provide users with responses in a chat format. Over the past five years, Mo has been given guardrails to ensure it sticks to topics it knows a lot about and won’t provide ill-informed advice. By feeding Mo tens of thousands of editorial investing articles and investment data from the past 30 years, it has become a valuable resource for investors.
However, experts like Kris Hammond, director of the Center for Advancing Safety of Machine Intelligence at Northwestern University, warn that AI must be fed accurate and ethically sound data to be truly helpful. While AI is excellent with language, it doesn’t necessarily understand the meaning behind the words it uses. This is why it’s crucial for users to exercise a critical eye when interacting with AI-generated information.
Ultimately, experts believe that AI should enhance human understanding, rather than replace it entirely. While AI can be a powerful tool for financial decision-making, humans should still maintain control and remain vigilant in evaluating the data. Financial decisions are high-stakes tasks, and humans will always want a certain level of control when working with AI.
So, what do you think about AI revolutionizing the financial services industry? Can we trust machines to make better decisions than humans? Leave your thoughts in the comments below!
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