ChatGPT and other AI solutions are flooding every area of our lives, with uses ranging from writing new blockbuster movies, creating jokes, augmenting market research, and even helping prepare for a job interview. Wherever you turn, you can see webinars and articles exploring this evolution of AI’s impact on a variety of industries. We can anticipate a significant impact on the financial world.
According to the New York Times, the rapid adoption and integration of this technology into the financial industry cannot be ignored. We examined this trend in our upcoming wave of the Logica® Future of Money Study in order to discover how ChatGPT or other AI platforms are impacting consumer finances and money management. You can sign up here to get a preview copy of the report.
Money Management and ChatGPT
In our study, we found Americans split on their consideration of using ChatGPT or another artificial intelligence tool for advice on managing their finances, with 54% sharing they would never consider using it and 46% saying they would consider using or would use this technology technology (11%) for money management advice. Younger generations, including Gen Z and Millennials, are more than twice as likely to say they would use ChatGPT or AI for advice and money management than older generations (19% for both Gen Z and Millennials vs. 9% for Gen Z and 3% for Boomers).
The Logica Future of Money Study also took a look at awareness of ChatGPT, with 47% of our study participants saying they had never heard of ChatGPT, 42% having heard of ChatGPT but never used it, and 11% having used ChatGPT.
Financial customers are definitely becoming more and more aware, educated and involved with the advent of ChatGPT / AI technologies—and financial companies need to have a deep understanding of this quickly changing space in order to plan and respond in ways that make sense and resonate with their audiences.