As the popularity of AI grows, more than 40 percent of Americans would make an investment decision based on conversational AI, like ChatGPT.
Artificial intelligence (AI) is making major breakthroughs, and Americans are more ready than ever to use AI for investing and managing personal finances. In a recent survey conducted by Magnifi, the investing marketplace known for its personalized AI investing assistant, 41 percent of Americans stated they would use guidance from sophisticated AI to invest.
“Imagine if ChatGPT and your financial advisor had a baby – that’s what you can get with Magnifi Personal. Rather than doing the investing for you, our AI assistant enables you to craft self-directed, diversified portfolios through an ever-expanding knowledge base of past and present market insights,” said Tom Van Horn, Chief Product Officer at Magnifi. “Our survey found that 84 percent of Americans had positive or neutral feelings toward AI, which is encouraging news. That means we are transforming the reality of personalized AI assistance by redefining what’s possible for investing for your financial future.”
AI assistants like Magnifi Personal are increasingly relevant as investors gain more and more access to “do-it-yourself” investing. Additionally, AI’s ability to provide hyper-personalization and analyze large amounts of data makes it extremely valuable to a do-it-yourself investor. This technology is exciting for Americans, as the Magnifi survey found that six of ten respondents expressed an optimistic attitude toward AI, stating they are excited for it to make their lives easier and better (24 percent) and believe it has the potential to improve their lives (36 percent).
There are various ways Americans are looking to use AI guidance for investing:
- 32 percent are most looking forward to its ability to analyze historical data and trends
- 25 percent are looking for AI to help conduct faster-investing research
- 17 percent want assistance to monitor investments to stay on track for financial goals
- 15 percent are looking for its ability to help them understand complex financial terms
- 11 percent are most excited for AI to give investing recommendations
“The good news is, Magnifi Personal’s AI already has the ability to help investors with each of these aspects of investing, so it’s up to the individual investor to decide how and to what extent they incorporate AI into their investing strategy,” said Van Horn.
“Ultimately, our goal is to simplify investing, so people can approach it without fear. With a personalized AI assistant, many more can now invest to grow their wealth and pursue financial freedom,” added Dr. Vinay Nair, Founder and CEO at TIFIN.
