As technology advances, artificial intelligence (AI) has become a powerful tool for enhancing the management of personal finances. Even if you might not consider adopting artificial intelligence (AI) to assist with your financial management, you might already be taking advantage of the insights and assistance that AI-powered financial products and applications can offer.
According to RBC, here are four ways AI is subtly assisting Canadians in maximizing their financial gains.
Automated savings
AI can assist people who struggle with saving money by automatically identifying and setting aside additional money that you may not have realized you have. Based on your transactions, it forecasts how much you will need to spend and then calculates how much you may save.
Budgeting
Setting up and maintaining a budget isn’t always simple. New artificial intelligence (AI) applications help simplify budgeting by recommending a budget based on your individual spending patterns. You can stay on course by using these tools to get the updates and reminders you need.
Personalized insights
Who doesn’t want a little assistance with money management? To help you stay more in control of your finances and make better financial decisions, financial solutions that use artificial intelligence (AI) can offer you tailored insights based on your spending and saving patterns.
Cash-flow forecasting
A key component of sound personal financial management is cash flow management. AI can assist by predicting future cash flow requirements, highlighting potential cash flow impacts of impending payments, and sending out helpful reminders when invoices are due.
Undoubtedly, artificial intelligence is transforming Canadians’ financial management practices. AI provides cutting-edge solutions, such as improved security and customized planning, that enable customers to more effectively reach their financial objectives. As these technologies develop further, Canadians can anticipate many more breakthroughs that will make their financial lives even easier and better.
Learn more about how AI is helping Canadians manage their finances at: https://newscanada.com/en/4-ways-artificial-intelligence-is-helping-Canadians-manage-their-finances-139819
Reference: https://newscanada.com
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