Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsE-Commerce SolutionsOpenAI, Plaid to bring tailored financial guidance to massesConsumers are increasingly turning to large language models such as ChatGPT for financial adviceAuthor of the article: You can save this article by registering for free here. Or sign-in if you have an account.At the moment, ChatGPT’s access to financial accounts is read-only, meaning moving money or taking other actions must still be done by the consumer. Photo by JUSTIN TALLIS/AFP via Getty ImagesOpenAI is partnering with Plaid Inc. to give consumers using ChatGPT personalized financial advice based on data they share with the tech companies.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorChatGPT, the best-known artificial intelligence platform among consumers, has until now been able to provide only generic recommendations: “automate your savings” or “reduce takeout to once a week.” It’s been lacking a window into consumers’ actual financial lives to offer more tailored guidance.That’s where Plaid comes in. Since the majority of United States consumers have linked a bank account to a fintech via Plaid, access to those data feeds would give ChatGPT the ability to offer wide-ranging advice to a user. For example, it could explain exactly which credit card to pay off first, and how much. OpenAI said that ChatGPT isn’t a replacement for professional financial advice.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againPlaid chief executive Zach Perret said the goal is “to allow people to have greater financial freedom,” which he said “means a better understanding of the financial products that are out there, and it means greater trust in the financial system that surrounds all this.”Consumers are increasingly turning to large language models such as ChatGPT for financial advice. The company said in a statement Friday that more than 200 million users have accessed the platform for help with budgeting, investment questions and other finance-related queries. Traditionally these were questions answered by advisers, though adviser-focused firms such as Charles Schwab Corp. are now turning to AI to enhance and broaden their own offerings.Anthropic PBC, maker of Claude, is also focusing on the opportunity in financial services to target the biggest Wall Street firms. The company unveiled agents earlier this month that are designed to handle a broader mix of financial-services tasks.At the moment, ChatGPT’s access to financial accounts is read-only, meaning moving money or taking other actions must still be done by the consumer, Ty Geri, an OpenAI product lead, said in an interview.There are also still some gaps that would need to be filled in to truly capture a consumer’s entire financial circumstances. Home equity, for example, won’t show up in a linked account.“I think there will be many steps that we will take, with OpenAI and others, to enhance the quality of the financial experiences, enhance the breadth of financial experiences, that people are going to be able to do,” Perret said. “My hunch is that what we launch with is not what we’ll end with, in a year or two or three years, with OpenAI and with the broader industry.” Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.