What inspired you to get involved in the event?
At Commonwealth, we believe financial AI holds significant promise and potential to transform financial security, particularly for those living on low to moderate incomes (LMI).
AI can power innovation in ways that improve financial opportunity for every household. As advancements in AI accelerate, we are at a pivotal juncture. This is a critical time to consider solutions that bring more people into the financial system.
FinTech LIVE offers an opportunity to address those shaping the financial system, from financial services leaders to fintech entrepreneurs to social impact innovators.
This audience can have a major impact on advancing financial security through their thoughtful design and development of AI technologies. I’m looking forward to engaging with them on this topic.
Provide an overview of what your panel will focus on.
This session will explore the transformative role AI can play in the financial technology sector, particularly in its ability to provide customised financial support at scale.
Commonwealth’s research on AI in finance has provided valuable insights into the needs and wants of banking customers living on LMI, highlighting their banking preferences, concerns, and desires for expanded tool capabilities.
It provides a foundation for thinking through broader applications of AI in finance to best support the financial health of this population.
One objective of the Commonwealth’s Emerging Tech for All (ETA) work is to provide actionable guidance to financial service providers on how AI can support the financial security of US workers earning LMI.
I’ll be sharing some of the key learnings from this groundbreaking research.
What do you hope to achieve through the event?
AI can shape the future of people’s financial lives in ways that will be with us for decades.
It promises to improve financial security and opportunity in new and exciting ways. But AI also carries new risks if its benefits are distributed unevenly.
It’s critical that innovation in this area considers the technology’s promise and impact on all consumers. We want to ensure that the needs of people living on lower incomes are understood, visible, introduced into relevant conversations, and integrated into solutions.
This will be critical to building a more equitable financial system and ensuring that these advances benefit everyone.
AI has the capacity to improve financial security and opportunity by offering capabilities that have not traditionally been available.
For instance, we have seen consistent interest and a demand for more advanced chatbots that can provide personalised financial insights and assist with banking actions that build financial health, such as credit building, budgeting, and debt management.
Customers largely view chatbots as positive tools for improving their financial well-being. Our data showed that 57% of respondents said using chatbots improved their financial situation.
There is a major opportunity for financial service providers to serve this untapped consumer segment, benefiting both financially vulnerable people and their businesses.
I’m encouraged by Commonwealth’s findings in this area and excited to share what we’ve learned through the course of our research.
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