ChatGPT Finance Feature: Risks & What to Consider

OpenAI has launched a new personal finance feature that asks for access to your bank balances, debts, and transactions. An independent personal finance platform, PocketSmith, suggests four key things to consider before connecting your accounts. Here's the thing: OpenAI states its standard ChatGPT answers complex financial questions correctly 79% of the time. For paid users, this improves slightly to 82.5%. This means roughly one out of every five answers could be incorrect, and there's no warning. A wrong answer about your finances could be costly. What's interesting is that when an algorithm makes a mistake, there's no person held accountable, only code. Traditional financial tools have human teams responsible for their products. The bottom line: While ChatGPT won't see your account number, it will see your debts, balances, and transaction history. This data tells a detailed story about your spending and financial situation. Handing this over to a company that uses advertising is a significant trade-off. Also, tech products can disappear, and if your entire financial history is within one AI tool, it could be lost if that company changes direction. This matters because your financial data is personal and valuable.