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ChatGPT can now see your bank account. Is it worth the risk?
You now have the option to use ChatGPT to analyze your personal finances, provided you are comfortable granting it access to your banking data.
Before you link your personal finance experience work?
You can access this financial feature on the web orvice that supports over 12,000 financial institutions. These connections may include checking, savings, and investment accounts, among others. Integration with Intuit is also expected to be available soon
Currently, this preview is restricted to ChatGPT Pro users, though OpenAI plans to observe these initial interactions before expanding the feature to Plus subscribers. Eventually, the company intends to make this functionality available to all users.
How can it help with your money?
Once your accounts are synced, you gain access to a dashboard that displays your spending, payments, net worth, and other financial metrics.
Beyond the dashboard, you can leverage ChatGPT to work toward specific objectives. It can utilize data from your linked accounts to assist in setting budgets, pursuing savings goals, evaluating investment risks, or simply answering targeted questions about your financial situation.
For instance, if your goal is to increase your savings, ChatGPT can categorize your spending to identify areas where you might cut back and redirect those funds toward your savings goals.
While ChatGPT uses your account information to provide guidance, it cannot execute changes, such as placing trades in an investment account or processing credit card transactions. Furthermore, it does not have access to your specific bank account numbers.
OpenAI has stated that it eventually aims to move beyond simple advice to help users “take action” on financial goalsting credit card applications or booking appointments with tax professionals
It is important to remember that the guidance provided by any AI agent is limited. OpenAI explicitly notes: “ChatGPT can help you stay informed and feel more confident managing your finances, but it is not a replacement for professional financial advice.”
How ChatGPT’s personal finance experience compares to other tools
The concept of aggregating financial accounts in one location may be familiar if you have previously used budgeting software like Rocket Money or You Need a Budget, as these platforms also frequently utilize Plaid for account syncing.
The financial dashboard provided by ChatGPT is similar to those found in other prominent budgeting applications. Numerous tools already exist to help users track net worth, create budgets, and establish spending or savings targets.
These applications typically offer basic services for free, with premium paid tiers for advanced features. Many of the leading budgeting apps currently on the market cost less than $100 for an annual subscription.
At present, accessing the ChatGPT personal finance experience can be significantly more expensive. Pro users with preview access pay $100 per month, while Plus users, who will receive access next, pay $20 per month.
The primary advantage of using ChatGPT over traditional budgeting software is the conversational element. ChatGPT can offer more tailored advice or recommendations over time by incorporating not only your linked account data but also the financial details and goals you share during your interactions with the AI.
Should you trust ChatGPT with your financial information?
OpenAI maintains that the ChatGPT personal finance experience is built to “respect your privacy and ensure that you’re in control of your information.” The company notes that you can disconnect your financial accounts at any time, and that data will be purged within 30 days. Additionally, users can delete individual conversations and “financial memories.”
But Eva Velasquez, CEO of the Identity Theft Rencial data to an AI agent
“Right now, the technology is too new,” Velasquez said. “The data sharing implications are still unknown … It’s just not something we’re going to recommend.”
She noted that both regulators and the industry are still determining what constitutes responsible AI usage, and the terms you accept today could be subject to change. “For most people, letting someone else work out the bugs is the best course of action, and your sensitive financial data is not a place that you should be experimenting,” she added.
Instead, consider using AI as a tool to coach you toward a budget or spending plan without granting access to your bank accounts. You can still discuss saving strategies, but consider manually inputting your <a It's not about not trusting any one particular system," Velasquez said. "It's about when you start linking things." Each time you connect your financial accounts, you add another link to the chain, which could represent a potential vulnerability for your data: "Anytime you look at increasing your digital footprint, you create risk."
