How to use AI in your finances

Note: apps are software programs that perform specific tasks, but to enhance the functionality, apps powered with AI use algorithms and machine learning to analyse data, learn from it and make predictions/suggestions based on that data. Think suggestions for movies, shows, books or products you ‘might like’ or ‘be interested in’ on your streaming or online shopping service.  

• Budgeting

How: Using a feature such as the Budget Manager add-on on our Banking App takes the hassle out of budgeting by looking at your income and spending history and categorising your expenses automatically, so you can track your spending and note how much you’ll have left after covering it all.

The benefit: It can help you see where your money is going without having to manually keep track of every expense. It also helps you set spending limits, whether individually or per category, and gives you alerts when you’re getting close to or exceed those limits.

• Saving and investing

How: By keeping track of your spending habits and your savings goals, the Save and Invest add-on on our Banking App makes it easy to invest directly from the app and manage your investments all in one place. You can also set it to automatically save and help track your progress to keep you motived.

The benefit: It’s an effortless way to save, and having your spending habits pointed out will give you more insight into how you’re doing and what you could be changing.

It also helps you invest based on data, research and your risk profile, so it removes some of what makes investment overwhelming if you’re not a seasoned investor. However, remember that AI isn’t sensitive to the nuances of human behaviour, so although your choices are personalised, there’s no personal touch.

• Answers to your finance questions

How: If you’ve got general questions about processes or finance, AI can give you easy answers. A chatbot on a financial institution’s website or app can also make it easy to engage and get instant answers.

Benefits: You don’t need to spend a lot of time searching for answers or contacting the financial institution; you can get fast and to-the-point information.

• Improving your financial literacy

How: You can learn about financial concepts in simple terms, helping you better understand things, such as interest rates, credit scores and investing.

Benefit: You can improve your knowledge about personal finance and become more confident and informed about managing your money and making financial decisions.

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_{Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).}

_{Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.}