27 Best AI Tools for Finance

The finance world is constantly changing, and keeping up with all the new rules, regulations, and trends can be overwhelming. Something changes when you think you've got a handle on things. AI workflow management can make things easier by creating structured systems to help you keep track of information and respond to changes methodically. 

In this guide, we'll explore AI tools for finance and how they can help you manage your workload by improving efficiency and accuracy.

One of the best AI tools for finance is Otio's AI research and writing partner. This tool can help financial professionals and researchers write, edit, and organize text easily and quickly. The AI assistant improves workflow efficiency and enables you to manage complex tasks as you navigate the ever-changing world of finance.

Table Of Contents

• Use Cases of AI in Finance

• Benefits of AI Finance Tools

• 27 Best AI Tools for Finance

• 7 Finance Companies Using AI

• Supercharge Your Researching Ability With Otio — Try Otio for Free Today

Use Cases of AI in Finance

Risk Assessment: AI's Role in Deciding Loan Eligibility 

Can artificial intelligence determine if someone qualifies for a loan? Absolutely. Banks and apps leverage machine learning algorithms to assess an individual’s eligibility for a loan and provide personalized options, according to Towards Data Science. Tools like Zest AI exemplify this capability, offering solutions that analyze complex data while reducing bias, enabling financial institutions to make fairer and more accurate decisions. 

Risk Management: How AI Can Help You Manage Risk in Finance 

Risk mitigation is always a critical -- yet ongoing -- challenge in banking and practically every other industry. Machine learning can help experts use data to pinpoint trends, identify risks, conserve manpower, and ensure better information for future planning, according to Built In. For instance, platforms like AlphaSense enhance decision-making by providing actionable insights from vast financial data. 

Fraud Detection, Management, and Prevention: How AI Tools Keep Your Finances Safe 

Have you ever received a phone call from your credit card company after you’ve made several purchases? Thanks to artificial intelligence, fraud detection systems analyze a person’s buying behavior and trigger an alert if something seems out of the ordinary or contradicts your traditional spending patterns. 

Tools like ThetaRay, an AI-powered financial crime detection platform, help banks and fintech companies prevent cyberattacks by monitoring transactions and screening customers. Similarly, as mentioned above, Barclays has implemented AI systems to monitor transactions in real-time, helping prevent fraud before it occurs. 

Credit Decisions: How AI Makes Lending Fairer 

Data Science explains that artificial intelligence can quickly and accurately assess a potential customer based on various factors, including smartphone data (plus, machines aren’t biased). Upstart is a leading platform leveraging AI to evaluate creditworthiness and provide accessible lending solutions. 

Financial Advisory Services: AI Gives Financial Advice a Tune-Up 

Looking to follow the latest financial trends? Interested in a portfolio review? Artificial intelligence algorithms can analyze a person’s portfolio (or the latest trends or most relevant financial information) so that you can receive the information you need as quickly as possible, according to Forbes. Robo-advisors like PortfolioPilot use these insights to offer personalized, low-cost investment strategies. 

Trading: AI Tools Help You Make Smarter Trades 

Since artificial intelligence analyzes patterns within large data sets, it’s no surprise that it’s often used in trading. As Built In explains, AI-powered computers can sift through data faster than humans, expediting the process and saving large chunks of time. Platforms like Alpaca enable traders to analyze trends, identify opportunities, and execute trades precisely. 

Managing Finances/Personalized Banking: AI Makes Banking Intelligent 

Chatbots and virtual assistants have reduced (and sometimes eliminated) the need to spend time on the phone waiting to speak with a customer service representative. Thanks to technology and AI, customers can check their balance, schedule payments, look up account activity, ask questions with a virtual assistant, and receive personalized banking advice whenever it’s most convenient, according to Towards Data Science. Bank of America’s Erica is a standout example, handling over 1.5 billion interactions and redefining customer engagement. 

Preventing Cyber Attacks: AI Protects Your Data 

Consumers want to be reassured that banks and financial institutions will keep their money and personal information as safe and secure as possible, and artificial intelligence can help. More than two-thirds of data breaches are estimated to be caused by human error. AI platforms like Darktrace use advanced algorithms to analyze data patterns, detect anomalies, and stop potential cyber threats in real-time. 

Better Predict and Assess Loan Risks: AI Improves Risk Evaluation 

As Forbes explains, artificial intelligence can analyze a customer’s spending patterns and actions, which can predict loan borrowing behavior. This is particularly useful in areas where traditional credit scores may not apply. For instance, Tala uses alternative data, such as smartphone usage, to assess credit risk and expand access to underserved populations. 

Enabling 24/7 Customer Interactions: AI Lets Customers Help Themselves 

Thanks to artificial intelligence and the prevalence of virtual assistants and chatbots, customers can ask questions at all hours of the day (and night!) without waiting to speak with a person. AI-powered tools like boost.ai are designed to provide smooth, personalized customer support. 

Reducing the Need for Repetitive Work/Process Automation: AI Does the Boring Stuff 

AI can automate repetitive, mundane, time-consuming tasks like reviewing documents or pulling information from applications. Platforms like UiPath take this to the next level, streamlining these tasks to free up employees for more strategic projects and innovation. 

Reducing False Positives and Human Error: AI Improves Accuracy and Reliability 

People make mistakes, and human error is an unfortunate reality. In the financial services industry, 94% of surveyed IT professionals said they aren’t confident that their employees, consultants, and partners can safely protect customer data. AI platforms like Lucinity help reduce false positives by analyzing transaction patterns and flagging genuine risks, improving accuracy and reliability. 

Ability to Execute Tasks of Any Length: AI is Scalable 

Artificial intelligence can scale, meaning you can use this advanced technology for short- or long-term projects. For instance, AI-powered platforms like DataRobot adapt to various use cases, from single-project analyses to ongoing data-driven decision-making processes, helping institutions save time and resources. 

Making Smart Underwriting Decisions: AI Speeds Up the Approval Process 

AI solutions are helping banks and lenders make smarter underwriting decisions regarding the approval process for loans and credit cards, according to Built In. Rocket Mortgage demonstrates this by using AI to automate the underwriting process, ensuring compliance and speeding up approvals. 

Save Money: AI Helps Financial Institutions Cut Costs 

Every item previously mentioned on this list can contribute to increased revenue. By automating tasks, you free up employees to take on additional responsibilities instead of hiring more personnel. Virtual assistants and 24/7 chatbots reduce operational costs, while tools like Betterment streamline financial planning for businesses and customers, delivering cost savings on both ends.

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Benefits of AI Finance Tools

Save Time with AI Tools for Finance

AI tools for finance can save your organization a significant amount of time regarding financial processes and workflows. Many of these processes involve tedious, repetitive tasks, such as data entry, transaction processing, and report generation, that can consume valuable time and are prone to human error. AI can automate these tasks, allowing finance teams to focus on higher-level strategic activities rather than getting bogged down in routine work.

Boost Accuracy with AI Tools for Finance

When it comes to finance, accuracy is a must. Even minor data processing or analysis errors can lead to significant financial discrepancies or regulatory issues. AI helps promote accuracy by minimizing human involvement in data-heavy processes. AI-driven systems can process vast amounts of data with more precision than humans often can, which helps ensure that financial reports, forecasts, and analyses are accurate and reliable. This can improve economic decision-making quality and build trust among stakeholders who rely on their insights.

Stay Compliant with AI Tools for Finance

Compliance with regulatory requirements is a significant concern for financial institutions, given the complexity of financial regulations and the penalties for non-compliance. AI can help with compliance monitoring by automatically tracking and analyzing transactions, identifying potential risks, and ensuring that all economic activities align with the latest regulatory standards. 

AI applications can also help with risk management by generating compliance reports and alerting compliance teams to any anomalies or issues that require attention. Automation reduces the workload for compliance teams and helps companies remain compliant with minimal effort, mitigating the risk of costly fines and legal challenges.

Predict Future Trends with AI Tools for Finance

One of the most powerful applications of AI in finance is its ability to predict future trends. AI can provide insights into future market movements, customer behaviors, and potential risks by applying algorithms to historical data and patterns. 

While imperfect, predictive analytics technology can allow companies to make more informed decisions, whether it’s optimizing investment portfolios, forecasting revenue, or identifying emerging risks before they become critical. 

In this way, AI systems can give organizations more opportunities to stay ahead of the curve in a competitive industry, allowing them to capitalize on opportunities and mitigate potential challenges before they arise.

27 Best AI Tools for Finance

1. Otio: Your Personal AI Research Assistant

Researchers, students, and knowledge workers struggle with content overload. To achieve their goals, they must make sense of massive amounts of data and create outputs, like essays and research papers. Otio helps them do this faster by providing one AI-native workspace to collect, extract, and create. 

Researchers can collect diverse data sources, from articles and PDFs to YouTube videos and tweets. Otio also generates notes on all bookmarks, enabling users to chat with links like they’re speaking with ChatGPT. Finally, users can quickly draft papers using the sources they have collected from the reading list to the first draft.

2. AlphaSense: The Financial Research Platform

AlphaSense is a financial research platform that helps professionals find, analyze, and act on information more quickly and efficiently. The platform uses AI to power its search engine, allowing users to find relevant information from various sources, including company filings, analyst reports, news articles, and expert call transcripts. 

Pros

• A comprehensive search of over 10,000 data sources 

• Real-time monitoring of chosen topics 

• Collaboration with team members 

Cons

• Extensive features can overwhelm new users 

• May provide less relevant information than needed 

3. Datarails FP&A: Automating Financial Planning

Datarails FP&A Genius AI automates mundane tasks and helps finance professionals streamline workflows. The tool connects to Excel and helps users pull data from multiple financial systems into familiar spreadsheets to make FP&A faster and easier. 

Pros

• Automates data collection 

• Supports detailed financial analysis 

• Customizable dashboards 

Cons

• Pricing may be steep for small businesses 

• It may require integration effort with existing systems 

4. Greip: A Comprehensive Fraud Detection Solution

Greip is a fraud detection tool that can help businesses analyze financial transactions to look for potential problems. The platform offers several tools—IP lookups, VPN detection, phone and email validation, and country lookup—to validate that a customer is real and isn’t a fraud risk. 

Pros

• Free plan 

• Identity verification features 

• Access restrictions to prevent unauthorized access 

Cons

• It may not work with all financial institutions due to the application protection focus. 

• It only works with an API key. 

5. Zest AI: Improving Credit Decisions with AI

Zest AI helps financial institutions make better lending decisions by offering AI-driven credit scoring models that minimize risk while optimizing lending practices. 

Pros

• Accurate credit scoring 

• Reduces lending risks 

• Adheres to compliance regulations 

Cons

• Implementation can be complex 

• Not suitable for small businesses 

• High setup cost 

6. ChainGPT: The AI Model for Blockchain and Crypto

ChainGPT is an advanced AI model that assists individuals and businesses with blockchain and cryptocurrency projects. The platform offers various features, including blockchain analytics, AI trading, and innovative contract analysis. ChainGPT can also help generate research reports, create marketing materials, and answer customer questions. 

Pros

• Offers several features covering different aspects of cryptocurrency project management 

• AI model helps with analysis and predictions 

• Can generate NFT and smart contracts automatically 

Cons

• Learning curve for people new to the cryptocurrency industry 

• Complex website layout 

• Chatbot is sometimes slow to answer 

7. Kensho: Predictive Analytics for Finance

Kensho's suite of AI tools offers predictive analytics, risk assessment, and event-driven insights tailored for the finance industry. 

Pros

• Excellent predictive accuracy 

• Real-time alerts and updates 

• Integrates with various data sources 

Cons

• It may require training to utilize it fully 

• Complex interface for new users 

8. Notreload: Automating Web Content Monitoring

Notreload is an AI web service that automates web content monitoring for investors. The service uses NLP to uncover relevant investment data by looking at the news, removing irrelevant information, and delivering short-form content about chosen stocks. 

Pros

• Removes the manual process of monitoring for information about investments 

• Privacy-focused with no data storage or tracking 

• Focused on the investment information that matters most 

Cons

• Strict focus on stock movements 

• Limited public information on software usage 

9. Numerai: AI for Hedge Funds

Numerai leverages crowd-sourced predictions and AI models to provide accurate insights for hedge funds, making it a valuable tool for finance professionals. 

Pros

• High-accuracy predictions 

• Innovative AI approach 

• Secure and decentralized 

Cons

• Limited to hedge fund strategies 

• Limited data transparency 

10. Timworks: A Chat Tool for Accountants

Timworks is a chat app for accountants, accountancy firms, and clients. The platform allows users to collaborate with their teams in a Whatsapp-like interface to query transactions, request and upload documents, reconcile transactions, and organize client communications. 

Pros

• Integration with other finance tools 

• Comprehensive dashboard 

• You can simply sync the client list by logging in with a work email 

Cons

• It can be expensive for businesses with a lot of clients 

11. Betterment: AI for Automated Investing

Betterment offers automated portfolio management using AI and machine learning to optimize investment strategies, helping users achieve their financial goals. 

Pros

• Automated investing and optimization 

• Tax-efficient features 

• Personalized approach 

Cons

• Limited human advisory services 

• Not for complex portfolios 

12. ZeroTax: AI for Tax Questions

ZeroTax is a tax assistance program designed to answer any tax-related questions quickly and accurately. The platform uses AI to generate answers for users and employs a team of tax experts who review the accuracy of the AI. ZeroTax also offers a call-in program for people who prefer verbal to written communication. 

Pros

• Chatbot that provides quick answers to tax questions 

• On-call chatbot available for people who want to communicate verbally 

• Expert reviews (for a fee) to ensure answers are accurate in chats 

Cons

• Only suitable for tax questions 

• Costs can add up if you have several questions for an expert 

13. Ayasdi: AI for Finance Risk Management

Ayasdi leverages AI to detect and manage risks in finance by using topological data analysis and machine learning models. 

Pros

• Accurate risk predictions 

• Customizable solutions 

• Advanced insights 

Cons

• Implementation can be complex 

• High cost for setup and maintenance 

14. HighRadius: Automating Accounts Receivable Processes

HighRadius provides AI-powered solutions for automating accounts receivable processes, making optimizing cash flow easier for finance departments. 

Pros

• Improves cash flow management 

• AI-powered predictive analytics 

• Automated invoicing features 

Cons

• Limited for small businesses 

• Complex customization options 

15. Finalle: A Financial Knowledge Base

Finalle is a financial knowledge base that offers real-time market data to investors. The platform includes investor charts, live signals, news, and sentiment analysis. Finalle gets this information by looking at public data sources—including social media, analyst reviews, market data, and company information—to generate customer insights. 

Pros

• Real-time data to make financial decisions 

• Chatbot to converse with to learn about the market 

• Informative charts to display financial data 

Cons

• Limit of two signals on the free account 

• Limited API calls and chat messages on the basic account 

16. Xero: Accounting with AI

Xero offers accounting solutions with AI-powered features that help automate bookkeeping, invoicing, and reconciliation. 

Pros

• Easy to use 

• Automated features reduce manual work 

• Integrates with other platforms 

Cons

• Limited scalability for large enterprises 

• Customization can be challenging 

17. SigFig: Optimizing Investment Portfolios

SigFig uses AI algorithms to optimize portfolios, providing automated insights and recommendations to maximize returns. 

Pros

• Real-time insights 

• Automated portfolio rebalancing 

• Easy-to-use platform 

Cons

• Limited customization for advanced users 

• Mainly targets retail investors 

18. Glean: AI for Accounts Payable

Glean is an intelligent accounts payable (AP) program that automates data extraction, coding, bill approvals, and payments for businesses. The software automates many routine financial tasks, such as data entry, GL coding, and reporting. Glean also provides insights that help companies find spending trends and areas to save money. 

Pros

• Process automation to save time 

• Better insights into spending 

• Vendor management system 

Cons

• No natural language search 

• Limited customization options 

19. Tamr: Unifying Financial Data

Tamr uses AI to unify and cleanse data, providing finance professionals with accurate, actionable data for decision-making. 

Pros

• Improved data accuracy 

• Reduces data silos 

• Integrates with diverse platforms 

Cons

• Setup can be complex 

• High initial cost 

20. ChatGPT: An AI Assistant for Financial Analysts

ChatGPT is a highly versatile AI tool financial analysts can use to enhance their research, data analysis, and reporting. Its natural language processing capabilities allow analysts to automate tasks like summarizing financial reports, generating insights, and answering queries. ChatGPT offers easy integration with financial data sources, making it useful for finance professionals seeking efficient and accurate analysis. 

Pros

• Improves client communication 

• Provides insights quickly 

• It can be used for various financial tasks 

Cons

• Responses may lack context for complex queries 

• Requires customization for accurate results 

21. Truewind: A Back Office for Startups

Truewind is an AI finance tool designed for startups, providing a robust back office that offers bookkeeping, financial models, and faster monthly closes. The tool also automates many functions, such as transaction tagging and downloads. 

Pros

• It helps businesses close the month quicker 

• Personalized support from financial experts 

• Use natural language to provide context to transactions 

Cons

• Designed for startups 

• Concierge service may not scale indefinitely 

22. Cube: AI for Financial Planning

Cube is an AI-driven tool that enhances financial planning and analysis (FP&A). It allows finance teams to integrate data from multiple sources and efficiently perform financial forecasting, making it ideal for companies looking to streamline their financial processes. 

Pros

• Smooth integration with spreadsheets 

• Improves financial planning accuracy 

• Real-time data updates 

Cons

• It may require time for customization 

• Pricing may be high for small businesses 

23. Domo: A Cloud-Based BI Tool

Domo is a cloud-based AI tool for financial analysts. It provides three features: app creation, BI and analytics, and data foundation. It extracts potential business value from the data supplied by the corporations. Domo also promotes data visualization and integration. 

Pros

• Great for real-time financial tracking 

• Supports a wide range of data integrations 

• Advanced visualization capabilities 

Cons

• High cost for small teams 

• It can be complex to set up 

24. Brooke AI: Improving Communication for Financial Analysts

Another suitable and efficient AI Tool for Financial Analysts is Brooke.AI, which is well known for keeping track of all the errors and mistakes regarding financial data. It improves communication with clients and also automates activities related to data analysis. 

Pros

• Reduces time spent on manual bookkeeping 

• Integrates well with accounting software 

• Affordable for small businesses 

Cons

• Limited customization for complex accounting 

• It may not be suitable for huge companies 

25. Stampli: AI for Invoice Management

One of the best AI tools for accounting and finance is Stampli. It ensures a smooth payment process and tracks expenses for improved productivity and growth. It allows the creation of quick and easy invoices as well. This AI Tool for Financial Analysts helps to reduce the risk of fraud and errors. 

Pros

• Simplifies invoice management 

• AI-powered automation 

• Integrates with major ERP systems 

Cons

• Pricing can be high for small companies 

• Limited features outside accounts payable 

26. Trullion: Smart Accounting Software

Trullion is an innovative AI tool for financial analysts that helps with efficient accounting. It integrates organized and unorganized data onto one platform. It is an effort-saving AI tool that manages budgets and reduces costs. Trullion also offers updated data compliance. It saves time as well by automating complex activities. 

Pros

• Ensures compliance with accounting standards 

• Reduces errors in financial records 

• Provides real-time financial insights 

Cons

• It may not be suitable for non-accounting tasks 

• High cost for small businesses 

27. Vic.AI: AI for Accounts Payable

Vic.ai uses AI to automate accounts payable, allowing finance teams to reduce manual tasks, speed up invoice processing, and improve cash flow management. 

Pros

• Reduces manual data entry 

• Offers AI-powered financial insights 

• Improves invoice processing speed 

Cons

• Limited use of outside accounts payable automation 

• Pricing can be high for small teams

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7 Finance Companies Using AI

1. BlackRock: Pioneering AI Investment Strategies with Aladdin Technology

A trailblazer in artificial intelligence, BlackRock is deploying its Aladdin AI technology to analyze data and provide portfolio insights. Aladdin is a tech platform “used by investment professionals to manage risk, providing a common language across public and private markets, operations and data,” the company states on its website. 

In March, the investment giant announced a deal with U.K.-based Royal London Asset Management, one of the region’s leading fund management companies. Royal London, in partnership with HSBC Security Services, will deploy Aladdin to manage assets worth 169 billion euros ($184 billion). As part of the deal, HSBC will run a 24-hour operations center to support clients using the Aladdin platform.

2. JPMorgan Chase: Building AI Solutions to Streamline Operations 

This investment management giant is leveraging AI to build a software platform similar to OpenAI’s widely used large language model ChatGPT. The platform will choose investments for client portfolios that are custom-designed to meet their unique needs. As of mid-2024, the company also uses AI through several other platforms. 

“The company’s COIN (COntract INtelligence) platform automates tasks such as interpreting loan applications, freeing human employees to focus on more complex and value-added tasks,” says Justin Haywood, president and co-founder of Haywood Wealth Management in Houston, Texas. “COIN reportedly processes 12,000 contracts annually, saving approximately 360,000 hours of review for the firm’s legal teams.” 

On the market investment side, JPM’s Morpheus platform analyzes large amounts of data to identify risks associated with trades and financial modeling data. “This helps company advisors manage risk more effectively and improves financial stability,” Haywood says. JPMorgan Asset Management is also leveraging AI to automate risk modeling, research, and portfolio optimization, a favorite “go-to” task emerging on the artificial intelligence front for investment companies.

3. Morgan Stanley: Incorporating AI Into Wealth Management

Morgan Stanley is also stacking new AI tools and applications in mid-2024. In late June, Morgan Stanley Wealth Management rolled out its new OpenAI-powered service suite for financial advisors called Debrief. The AI-powered software generates client and internal advisory meeting notes and boosts top-tier priority items for advisors. Once a meeting ends, Debrief “summarizes key points, creates an email for an advisor to edit and send at their discretion, and saves a note into Salesforce,” according to Morgan Stanley. 

The Debrief rollout is a significant follow-up to Morgan Stanley’s announcement last year of OpenAI as its only wealth management strategic partner. Shortly after that deal aired, the investment company introduced the AI @ Morgan Stanley Assistant. This generative AI-powered chatbot gives company investment advisors fast access to Morgan Stanley’s entire investment-based intellectual capital inventory. 

The response from company financial advisors has been impressive. Morgan Stanley reported that through the first half of this year, 98% of financial advisor teams have adopted the AI assistant. “We envision a world where AI serves as an efficiency-enhancing interaction layer that sits between our colleagues and the many applications they interact with, such as execution and order entry, CRMs, reporting tools and risk analysis, just to name a few,” says Jeff McMillan, head of firmwide artificial intelligence at Morgan Stanley.

4. Vanguard Group: Using AI to Manage Investments Efficiently

Former Vanguard CEO Mortimer J. “Tim” Buckley embraced AI as a dynamic asset management powerhouse and an all-around investment company management vehicle. Before CEO Salim Ramji took the helm on July 8, in an April “Look Ahead to 2024” webcast, Buckley and Chief Investment Officer Greg Davis laid out Vanguard’s vision for AI deployment at the firm. “There’s a couple of things we do,” Buckley said.

“Part of it is how we’re making decisions. (We’re) leveraging the technology to help us look at specific scenarios that we’re in, how we’ve done in the past using data, looking at new data sources, and incorporating all that in making more well-informed decisions.” Buckley cited the company’s fixed-income segment, which has focused on AI natural language processing of earnings transcripts and research reports. 

“We’re able to condense the key critical functions and the ideas in there, and we’re able to summarize that data for our analysts to make much more rapid decisions in real time, relative to having to go through and read a 100-page document,” Buckley said. “(AI) is being incorporated into our everyday lives in terms of how we manage money, and it’s exciting to see how it will take off going forward.” Vanguard also uses AI technology as a robo advisor that generates personalized retirement portfolios for clients using the company’s exchange-traded funds, or ETFs. The company also reportedly uses machine learning to develop investment strategies for some active equity funds.

5. Goldman Sachs: Automating Processes to Improve Efficiency

Investment firms also use artificial intelligence in a way that many workers have feared most: as a job-replacement strategy. Goldman Sachs, for example, is testing AI tools that would complete tasks junior staffers have routinely handled – think document gathering, summarizing reports, and running numbers for financial advisors and senior managers. Since AI can accomplish those tasks in seconds, never calls in sick or arrives late, and works for free after the technology is paid for, those attributes may not leave room for entry-level workers or even new business-school graduates at significant investment firms. 

Goldman Sachs has already reported that artificial intelligence will likely expose 300 million jobs to automation on a global basis. Ironically, Goldman and other top investment firms could help make that vision a reality. Goldman recently introduced its new generative AI platform, GS AI. The tool represents what CEO David Solomon describes as a “candidly unprecedented” opportunity for the investment bank to capitalize on artificial intelligence. 

“There will be significant demand for AI-related infrastructure, and as a result, financing, which will be a tailwind to our business,” Solomon noted in an April quarterly earnings call. Solomon also cited “enormous opportunities for productivity gains and also opportunities for efficiency” internally.

6. Fidelity Investments: Prioritizing Human-Centric Applications of AI

Boston-based Fidelity is leveraging AI in multiple areas, but it’s emphasizing human-centric applications when using the technology. The firm has invested heavily in large language models that generate question-and-answer content on multiple company web pages. LLMs are a significant time saver in customer-facing Q&A, which in the past took firm associates days to compile, write, and clear for regulatory compliance purposes. 

Those tasks are completed in minutes with LLMs, although associates still review the AI-generated content for accuracy. “For us, the theme of successful AI use cases is human-AI partnerships, where a human is in the driver’s seat,” said Manish Worlikar, the leader of Fidelity’s Center for AI Excellence, at the Institute for Experiential AI’s Leading With AI, Responsibly, conference in October 2023. 

In the first half of 2023, Fidelity hired more than 700 technology specialists to move it forward in digital investment management. In late 2023, Fidelity also invested multimillion-dollar in AI data management startup Vast Data and AI cloud software provider CoreWeave, signaling its intention to prioritize artificial intelligence for the long term. In 2024, the company will have 25% of its workforce dedicated to technology development.

7. Wealthfront: Automating Wealth Management With AI

The online-only, automated investment manager’s engagement with artificial intelligence dates back to 2016, when Wealthfront revealed its AI-based application programming interface. The API merged personal financial interfaces for finding hidden fees and evaluating household budgets with portfolio management advice modeled by machine learning. The dashboard also featured a futuristic component (for 2016, at least) that forecasted the users’ net worth over decades if they followed a programmed investment strategy over a long period. 

Eight years later, Wealthfront has expanded its AI-based asset management services, adding more features to its personalized investment portfolio services platform, such as automatic portfolio rebalancing, tax-loss harvesting, and the rollout of Path, the investment firm’s AI-based holistic financial planning advisory analytics tool. The path offers clients tailored guidance across household investments, from home mortgage management to retirement planning, and is built to align an investor’s portfolio with specific life goals.

Additionally, the firm’s Self-Driving Money strategy completely automates a user’s savings and investment plan, relieving its customers of making direct money-management decisions, such as moving cash around or monitoring financial accounts. Wealthfront CEO David Fortunato has said the days of having to meet with a human financial advisor are coming to an end. If its AI-powered portfolio management platform is any indication, that day may be coming sooner than some investors think.

Supercharge Your Researching Ability With Otio — Try Otio for Free Today

Today, knowledge workers, researchers, and students suffer from content overload and are left to deal with it using fragmented, complex, and manual tooling. Too many settle for stitching together complicated bookmarking, read-it-later, and note-taking apps to get through their workflows. Now that anyone can create content with a button, this problem will only worsen. Otio solves this problem by providing researchers with one AI-native workspace. It helps them: 

• Collect many data sources, from bookmarks, tweets, and extensive books to YouTube videos. 

• Extract key takeaways with detailed AI-generated notes and source-grounded Q&A chat. 

• Create draft outputs using the sources you’ve collected. Otio helps you to go from the reading list to the first draft faster. 

Along with this, Otio also helps you write research papers/essays faster. Here are our top features that researchers love: AI-generated notes on all bookmarks (Youtube videos, PDFs, articles, etc.), Otio enables you to chat with individual links or entire knowledge bases, just like you chat with ChatGPT, as well as AI-assisted writing. 

Let Otio be your AI research and writing partner — try Otio for free today!

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