Financial education remains essential, especially as people navigate rising costs, housing affordability challenges and job uncertainty. Financial institutions can build on that foundation by making practical guidance more readily available at the exact moment people make pivotal financial decisions.
Technology and AI can help make that guidance more available, timely and personalised. But accessibility must be paired with privacy and accountability to human support for more complex situations. Recently, we have seen that 46 % of Americans have used AI tools such as ChatGPT to help with their personal finances, while 50 % trust AI for financial advice, making it clear that AI is increasingly part of how people manage money.
Accessible financial well-being also means communicating in plain language and meeting people without judgment, wherever they are in their financial journey. As companies look to expand financial tool offerings, it’ s important to keep the member at the centre.
Q. ARE FINANCIAL INSTITUTIONS AND CENTRES ACCELERATING TOWARD DIGITISATION DUE TO AN UPTICK IN AI IN FINANCIAL SERVICES?
» Not sure it’ s an acceleration as much as an augmentation. At BECU, our mindset has shifted slightly from“ digital first, human always” to“ digital first, AI-enabled, human always” as AI is accelerating a shift that was already underway.
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