The Power of AI in Wealth Management with Eyeballs Financial
Artificial intelligence chatbots are taking the world by storm because of their ability to provide an immediate, quality response to customers, but what if this same technology could be applied in the financial services sector? Combining the power of artificial intelligence with advisor intelligence from a human financial advisor, the Eyeballs Financial Finntalk app is answering many of the questions consumers have about their financial situations — all from the convenience of their mobile devices.
“After the financial crisis of 2008, a slew of financial services technology popped up designed to give consumers better insight into their financial situations,” explains Mitchell Morrison, founder of Eyeballs Financial. “While this information — like improved credit score reporting — helped to an extent, the insight it provided was surface-level at best. Now, fintech has evolved to provide users with deeper, more personalized levels of insight.”
How Eyeballs Financial uses artificial intelligence in tandem with advisor intelligence
The Eyeballs Financial Finntalk app is a revolutionary new fintech app that combines the power of artificial intelligence with the ability to contact one’s financial advisor, providing users with better access to information about their financial accounts. With a user-friendly interface that displays some of the most commonly asked questions or allows users to ask their questions verbally or via text, the Finntalk app provides individuals with the knowledge and access they need to empower themselves financially.
“The Finntalk app is not certified as a financial advisor — and therefore anything it says should not be construed as financial advice — but it can give deeper insight into the user’s accounts,” says Morrison. “All of this is done without them having to play phone tag with their financial advisor, or navigate through their complex financial statements themselves. The Finntalk app can answer these questions on demand with an easy-to-use user interface.”
However, there are certain questions users could ask that artificial intelligence does not have the ability to answer. In these cases, the app will immediately send the question to the user’s advisor. The advisor will then be notified and can either answer through the app or contact their client through other means. Thus, Finntalk— and other AI-powered fintech apps like it — are best used as a tool in conjunction with a human advisor.
The value of these artificial intelligence tools for advisors should not be underestimated, though. “By filtering out the more ‘basic’ questions and only sending the more advanced ones to them, the app saves advisors time and allows them to focus more on what they do best: making their clients money,” Morrison asserts. “Users also benefit from the added accessibility to their financial information, as anyone with a phone can use the app 24/7, whenever is convenient for them, whereas they would previously have to wait until their advisor was in office — and that’s even if they could get hold of them.”
For those worried about the safety and privacy of their data when using AI-powered fintech apps, there are protections in place to ensure that wrongdoers are not able to exploit users’ data for their own financial gain. For example, these apps are not able to conduct transactions on behalf of the user, as this would require the storage of sensitive financial information that would make them more susceptible to being targeted by hackers. Instead, these responsibilities are left to the advisor or the user themselves.
How artificial intelligence will democratize financial literacy
One of the most exciting impacts of the advent of artificial intelligence technology in the financial services sector is the democratization of financial literacy. All too often, financial advisors only give their full attention to their high-net-worth clients with large portfolios. Apps like Finntalk give the everyday person better access to and control over their financial situations than they have ever had before.
This equalized access is important because the lack of financial literacy disproportionately impacts underrepresented populations. Based on a study from the FINRA, in which respondents were asked to answer a series of six questions on topics related to financial literacy, white Americans and Asian Americans were able to answer 3.2 out of six questions on average, while the average was only 2.6 for Hispanic Americans and 2.3 for Black Americans. Thankfully, with a tool like Finntalk, these populations can more readily access the answers to their questions at their convenience.
Artificial intelligence is the future of many industries, and fintech apps like Finntalk are using the technology to make the world a better place. By leveraging AI for investing technology, Eyeballs Financial is paving the way for a future where consumers can become more financially literate and get their questions about their portfolios answered, without ever having to bother or wait on their advisor.
