\u201cWhat the AI will be able to do is cut through all the marketing nonsense and just look at what is actually the best financial product for you, and for nearly everyone that will not be your current financial products,\u201d he says <\/p>\n
He believes it has huge potential to help people achieve better financial outcomes. \u201cSo my sort of long arc of hope for how AI is going to disrupt things is that it will reduce the inertia for people being in the most optimal financial product\u201d <\/p>\n
Daniell says you could soon be talking to your finances, and getting AI to do the heavy lifting \u201cIt could be, please scan the market and tell me if I should be using different financial products than what I\u2019ve got currently, and if so, help me sign up to those new providers\u201d. <\/p>\n
However, it does raise significant legislative challenges, because providing personalised financial advice is a regulated activity in New Zealand. <\/p>\n
\u201cA lot of products will try to stay on the other side of that line \u2026 but chatbots generally are trying to be more helpful than that. They are trying to personalise their recommendations or their advice,\u201d he says. <\/p>\n
\u201cIt\u2019s all happening so fast that I\u2019m sure a lot of regulation is actually being breached.\u201d <\/p>\n
But Daniell suggests introducing regulation ahead of innovation could stifle its potential, meaning regulators may be forced to take a wait-and-see approach. <\/p>\n
\u201cWith AI moving so fast, I think it would be possibly the wrong move to try to regulate \u2026 we don\u2019t know enough yet to make those calls, and we might just hamper the potential to innovate,\u201d he says. <\/p>\n
That level of access required also raises obvious concerns about security, trust and privacy. <\/p>\n
\u201cWhen it comes to AI, what are the boundaries of what you give it access to, and can we trust it to stay within those boundaries?\u201d he says, but \u201cthat is a much bigger question than how this works in financial services – it\u2019s a question for AI generally\u201d. <\/p>\n
Watch or listen to the full episode of The Prosperity Project<\/a> for more.<\/p>\n The Prosperity Project is hosted by Nadine Higgins, an experienced broadcaster and financial adviser.<\/p>\n Follow the show at iHeartRadio<\/a>, Apple Podcasts<\/a>, Spotify<\/a> or wherever you get your podcasts. New episodes are released every Monday.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cWhat the AI will be able to do is cut through all the marketing nonsense and just look…\n","protected":false},"author":2,"featured_media":539874,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[11511,7657,186182,554,4666,226,186180,84,186183,16927,48008,65080,186181,4176,4768,76434,2222,4174,4175,153625,13679,17056,17389,4804,112695,1777,33946,1850,75912,38532,56,54,55,4667,16951],"class_list":{"0":"post-539873","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-acting","9":"tag-advice","10":"tag-adviser","11":"tag-ai","12":"tag-and","13":"tag-apps","14":"tag-automate","15":"tag-business","16":"tag-capable","17":"tag-could","18":"tag-decisions","19":"tag-disrupt","20":"tag-effectively","21":"tag-finance","22":"tag-financial","23":"tag-innovations","24":"tag-money","25":"tag-personal-finance","26":"tag-personalfinance","27":"tag-pocket","28":"tag-project","29":"tag-prosperity","30":"tag-sector","31":"tag-set","32":"tag-soon","33":"tag-the","34":"tag-theyre","35":"tag-to","36":"tag-tracking","37":"tag-transform","38":"tag-uk","39":"tag-united-kingdom","40":"tag-unitedkingdom","41":"tag-what","42":"tag-your"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/539873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=539873"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/539873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/539874"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=539873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=539873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=539873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}