Users encouraged to seek financial advice by AI chatbot

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Users encouraged to seek financial advice by AI chatbot
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ByJane Matthews

An artificial intelligence chatbot called Chat GPT is encouraging users to seek financial advice if they ask financial questions, according to analysis by Quilter. 

Research by the firm found that the Chat GPT chatbot from OpenAI has been met with huge interest from the public because of its sophisticated responses to a wide range of requests. 

The chatbot can write scripts, create art in seconds and converse with users through text. It can answer follow-up questions, admit mistakes and reject inappropriate requests.

The technology can even answer questions around pensions, protection, investments and stocks and shares ISAs, but it encourages the user to seek advice from an adviser if they want personalised recommendations.

Quilter asked the chatbot a number of financial questions and each time was given the same encouragement to seek professional advice.

Head of marketing and behavioural science at Quilter, Jeremy Mugridge described the software as “astonishing”.

“AI like this is likely to start to permeate many parts of our lives as it has been tipped to do for some time. However, it is positive that despite its ingenuity it understands that personal financial advice is no match for it,” Mugridge told FTAdviser.

“Clearly, it has also been programmed to not give specific financial advice to avoid falling foul of the regulator. Google has been an excellent way for people to research financial topics, but this software takes things to a different level," Mugridge added.

In Mugridge’s view, more people being able to get a better understanding of the financial landscape is a positive but he said “ultimately getting specific recommendations based on your situation is key.”

When Quilter asked Chat GPT to write a press release about why it encouraged people to seek financial advice, the chatbot did so.

The press release read: “While Chat GPT is an excellent tool for learning about financial concepts and strategies, it's important to remember that it is not a replacement for professional advice. 

“Financial advisers have the training, expertise, and knowledge to provide personalised guidance and recommendations based on your unique circumstances and goals.”

The chatbot added: “In addition, financial advisers can help you navigate the complexities of the financial world and make the most of your money. They can provide advice on a range of topics, including investing, saving for retirement, managing debt, and creating a financial plan.”

In the five days following Chat GPT’s public launch, the site surpassed 1mn users and Open AI was forced to limit access to it.

Founded in 2015, OpenAI was created as a non-profit built on the principles of making AI accessible to everybody and developing the technology safely.