Why Artificial Intelligence Will Solve All Our Money Problems

Guest Post | Nov 1, 2021

Artificial intelligence is already pretty big in the finance industry, but it’s going to get better within a few years. It will get to the point where it makes life easier for the average person on a daily basis.

Things like paying off credit cards and applying for loans are still tough, but technology is coming on leaps and bounds. Let’s take a look at some of the most popular ways AI will play a large part in our lives.

Easier To Apply For A Loan

When loan providers are unable to make smart lending decisions fewer people will be approved. It’s important to err on the side of caution when you don’t know whether or not someone will pay back a loan or default.

You can skip high-interest payday loan companies once AI reaches a point where it can accurately predict who deserves a loan. Not only will your application be approved, but it’s going to go through much quicker too.

Paying Off Your Credit Cards

Too many people need to get a loan in Ottawa and other expensive places to pay off credit cards. Banks are at fault because they give you too much credit in the first place. AI will tell them a safe amount you can handle.

It will also let banks know when your credit limits should be raised because AI doesn’t stop learning. More people will be approved for cards if they can afford them, and risky customers will be rejected when applying for credit.

Protecting You From Fraudsters

Multi-factor authentication helps people avoid fraudsters right now. Other systems put in place to protect you are effective too, but scammers always find a way to steal money because they’re intelligent.

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Artificial intelligence is getting much better at detecting odd behavior and blocking transactions. I know it’s sometimes frustrating when they get it wrong, but it’s going to learn from any mistakes going forward.

Beat The Stock Market Regularly

Most professionals who’ve worked in the financial industry for decades can’t beat the S&P 500, so what chance does the average person have? It means the stock market isn’t enticing if you want to make lots of money.

AI is helping us predict the future more accurately, and machines can learn from things like the 2008 financial crisis. Once you know the right time to buy, hold, and sell stocks you’ll be able to retire faster.

What To Spend Your Money On

We have apps that can help us understand how much we have to spend, but none that tell us if it’s a good idea. Can you imagine the day when AI will be able to tell you whether or not to make a purchase you’re thinking about?

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You will be told why it’s not a great idea and what you should do instead. If you can get a little better at spending on a regular basis it will add up. You’ll also save time when you don’t need to mull over financial decisions.

Will AI Improve Your Life

Will any of the advancements in technology we’ve talked about today improve your life? We’re still in the early stages at the moment, but wait to see what it’s like in a few years.

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