OpenAI is teaming up with Plaid Inc. to allow consumers using ChatGPT to receive personalized financial advice based on their shared financial data. This partnership aims to bridge the gap between generic AI recommendations and tailored financial guidance.
From Generic to Personalized Advice
ChatGPT, the widely used AI platform, has so far been limited to offering generic suggestions such as “automate your savings” or “reduce takeout to once a week.” Without access to users' actual financial data, it could not provide personalized recommendations. By integrating with Plaid, which connects the majority of U.S. consumers' bank accounts to fintech apps, ChatGPT can now analyze real financial information to offer customized advice.
For instance, ChatGPT could determine which credit card to pay off first and how much to allocate, based on the user's spending patterns and balances. However, OpenAI emphasizes that ChatGPT is not a substitute for professional financial advisors.
Enhancing Financial Literacy
Plaid CEO Zach Perret stated that the goal is to empower people with greater financial freedom. “It means a better understanding of the financial products that are out there, and it means greater trust in the financial system that surrounds all this,” he said. The partnership is designed to help users make more informed decisions and improve their overall financial health.
Consumers are increasingly turning to large language models like ChatGPT for financial advice. OpenAI reported that over 200 million users have accessed ChatGPT for budgeting, investment questions, and other finance-related queries. Traditionally, these questions were answered by human advisors, but firms like Charles Schwab Corp. are also adopting AI to enhance their services.
Competition and Future Developments
Anthropic PBC, the maker of Claude, is also focusing on financial services, targeting large Wall Street firms. Earlier this month, Anthropic unveiled AI agents designed to handle a broader range of financial tasks. This indicates a growing trend of AI integration in the financial sector.
Currently, ChatGPT's access to financial accounts is read-only, meaning users must still perform transactions themselves, according to Ty Geri, an OpenAI product lead. There are also limitations, such as the inability to capture home equity, which may not appear in linked accounts.
Perret acknowledged that the initial offering will evolve over time. “I think there will be many steps that we will take, with OpenAI and others, to enhance the quality and breadth of financial experiences,” he said. “My hunch is that what we launch with is not what we’ll end with, in a year or two or three years, with OpenAI and with the broader industry.”
