Professional financial planning has historically been inaccessible to those who could not afford the cost.
A personal finance app is aiming to bridge that gap by integrating an artificial intelligence assistant designed to provide users with personalized financial finances, is introducing WallyGPT. This new feature can answer user questions, assist with future planning, and provide insights into financial literacy and <a Wally has always been at the forefront of personal finance management and the introduction of WallyGPT is a testament to our commitment to continuous innovation," said Saeid Hejazi, CEO and co-founder, in a recent company press release. "We believe that this will empower users to make more informed financial decisions while maintaining the utmost privacy and security."
WallyGPT lists the average costs and savings needs for a wedding in Athens.
Wally has been active in the personal finance sector since its founding in 2013, but the new GPT functionality makes planning even more accessible for users, Hejazi told Yahoo Finance. According to him, the new technology processes data based on user inquiries and combines it with intelligence from OpenAI, an artificial intelligence research laboratory.
For instance, he noted that his brother, who is currently planning a wedding, asked the app to help him compare the costs of hosting the event in three different countries.
“It gave him line items of how much it would cost in each one of these places,” Hejazi said. “The attire, the number of guests, and the food, and all of these things.”
When Hejazi’s brother asked the app how much he needed to save for the wedding, WallyGPT responded by telling him how much he had in cash, his income, his liabilities, and the final sum of money he needed for the occasion.
Hejazi explained that the new technology can assist users with virtually any financial objective, such as developing a retirement strategy.
For example, imagine someone wants to retire in Thailand or the Caribbean, Hejazi said. The app would incorporate those locations alongside variables like income, age, and even student loan debt to generate a retirement plan. Hejazi added that WallyGPT could also make financial concepts easier for the average person to grasp.
“The terms and the words and the products that these banks and lenders come up with, WallyGPT can explain those things in ways that are easy to understand,” Hejazi said. “And so I definitely think that the retirement part or any kind of goal planning, family planning stuff like that we fit more comfortably in.”
