Implementation of AI in Financial Planning

20 Jan. 20
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AI focuses on a future where machines not only do all of the manual labour, as they have done since the industrial revolution but also the work which requires Intelligence such as planning, strategizing and making decisions. Every year we observe a change in Artificial Intelligence trends that set a standard for the following year. As Artificial Intelligence technologies are expanding, they are becoming crucial for businesses that want to maintain their mark in the competitive world of the Corporate Community.

Usually, Financial Advisers meet their clients once or twice every six months, hence the communication is maintained via telephone calls or different communicating software, whereas AI is always ON. Financial technology companies, in recent years, have increased the use of machine-advisory Systems in order to meet their requirement of handling more complex tasks such as tax-loss harvesting and selective investment in order to optimize their business.

AI Shaping your Financial Plans

Many Research and efforts have been given to improve financial planning with the help of AI implementation. Pefin is the outcome of such an effort. Pefin helps in guiding us through the financial priorities that matter like?kids, college, education, a new home, retirement plans, and so on. It takes care of every suggestion for the financial need that matters from taxes to personal financial solutions so you can guide your future to a more financially reliable path.

AI Financial adviser vs. Human Advisors

  • Elimination of human faults: One of the most important disadvantages of using Human Financial Adviser is greed. Most of the human advisers are commission-driven they manipulate their clients and push them into low benefits scheme in order to take advantage of high commission funds.
  • Back Testing: Since the record is always maintained in the Database, so the developers can objectively test the performance, and continuously improve to bring the highest quality advice to users.
  • Sometimes, it becomes quite awkward to discuss your financial details and plans to a human. Use of Financial-advisory-robot can eradicate this situation, and help you open up with your plans comfortably. More comfort implies better precision of the result.
  • A person seeking financial advice might not want to wait for a semi-annual meeting with their financial advisor. Here AI comes to the rescue, one can use it anytime based on their requirements.
  • Trust is the foundation of a healthy relationship between a person and his financial adviser. It takes years for building trust, in contrast, humans can trust a machine quite readily. Moreover, the expected results are also going to be more precise.

Essential Functionalities

The Basic feature which must be included in such platforms are as follows:

  • Registration and Secure Login: The User Must be able to register an account that belongs to him and guarded by password driven security.
  • Confidential Record of Data and Advice History: Records are important for both user for reference and Management Team for testing and improving accuracy.
  • Vast categories: The application must cover the overall financial categories of a person right from education, housing and comfort to ideal investments.
  • Feedback facilities: The user must be able to give his feedback which might help the management to improve the functionalities.

If You are planning to build an on-demand Application for Financial advisory implemented with AI, then you’re at the right place. We are a team of experienced Android Developers, IOS Developers, Python Developer, Machine Learning and AI experts and QAs.We are adequately skilled and could deliver the on-demand application with various add-on features like Chatbots, Online support, Order Tracking, and Instant Payments. For more queries, please feel free to contact us here, our exclusively allocated team will be happy to help you.

Author

Lets Nurture
Posted by Lets Nurture

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