The Revolution of Automated Personal Finance

Today’s Edition

Hey there! Welcome to today's edition, packed with all the hottest news from the world of AI.

• 📖 The AI revolution in personal finance is kicking off. It's now clear that the world of personal finance is ready for a bit of an overhaul, considering a whopping 77% of folks regularly wrestle with financial stress. This situation's got "innovation needed" written all over it.

• 🖥️ Today’s product section features Reflect Notes.This clever tool uses the power of OpenAI's GPT-4 and Whisper tech to not only help you write better, but also keep your thoughts in order. It's like having your own intellectual sidekick. Another standout product we're looking at is Lindo, you describe your business, and in return, you get everything from landing pages to automated organic lead generation, all backed by AI.

• 👩🏼‍💻 We've also got a fun prompt for you. Did you know that ChatGPT is a bit of a whizz at writing product descriptions? Have a go, it's worth a try!

• 🎤 Most valuable media features how Midjourney is adding a splash of colour to the Hong Kong skyline. Plus, we're checking in 'How I Built This Lab' to chat about a new learning platform at Khan Academy called Khanmigo and how it is harnesses the power of generative AI.

So grab a cup of coffee, sit back, and let's dive into the fascinating world of AI together. Enjoy!

Jenko

The Revolution of Automated Personal Finance

The Rise of AI Autopilots and Refi Robots

With an overwhelming 77% of people regularly facing financial stress, the consumer personal finance market is ripe for innovative solutions. Although many startups have striven to transform the personal finance landscape, there's still a considerable chasm between consumer expectations and the effectiveness of personal finance products.

Personal finance management is complex and can trigger strong emotional responses. Most digital finance managers merely provide insights about money matters and suggest new financial behaviours. But these insights alone aren't enough. Consumers are searching for solutions that not only offer advice but take action on their behalf.

Generative AI: Bringing "Self-Driving Money" to Life

Generative AI is the game-changer poised to bridge this gap, fostering a realm of "self-driving money." With the development of this technology, personal finance platforms are no longer confined to "read-only" mode; they can act on behalf of users, optimising their balance sheets.

Consumer robot process automation (RPA), powered by AI technology like GPT-4, is set to revolutionise fintech apps, allowing them to operate on users' behalf. This technology will expand the scope of user interactions with personal finance products, with the potential to overhaul both the inputs (data analysis) and outputs (user benefits) of these products.

For instance, Google's Bard, an AI model, can digest a screenshot of your investment account balance, decipher the data, and compute your investment returns against market benchmarks. And this is just the beginning.

AI Autopilots: The Future of Personal Finance

With these advancements, we can expect startups to finally deliver on the promise of financial automation. These AI-driven platforms will serve as "autopilots," assisting consumers with various tasks such as savings, investments, retirement planning, debt management, and tax preparation.

These "autopilots" could potentially analyse and rebalance your assets across various accounts, creating a holistic financial management system. Such a super app would offer an entirely hands-free management experience, shuffling money between existing apps and accounts.

Companies pioneering in this space will revolutionise the consumer finance sector, delivering value without constant consumer engagement. The ideal products will have streamlined onboarding processes and a "set it and forget it" operation, with success gauged by how much of their portfolio a user entrusts them with over time.

Introducing Refi Robots

An interesting topic I came across the other day in an A16Z article is a development in AI-driven finance called "refi robots." Debt refinancing is a complex and painstaking process, and consumers often miss out on saving money because they're unsure of the benefits or overwhelmed by the process. Refi robots can alleviate these pain points by automating the process of finding cheaper refinancing options and executing the refinancing process.

These AI-powered bots can log into your accounts, discover the most cost-effective refi options, and conduct the refinancing operation on your behalf. This means going beyond just data aggregation - it's about transforming the process entirely.

By eliminating inefficiencies, refi robots could potentially disrupt the status quo, creating a win-win for consumers and shaking the traditional financial institutions that profit from these inefficiencies. The potential is vast - from a standalone consumer app to integrated solutions via APIs and debt repayment platforms, the automated refinancing capabilities could reshape the entire landscape of personal finance.

There is little doubt that the future of personal finance lies in AI-driven solutions. From automated finance management to refinancing robots, we're standing on the precipice of a new era, set to transform how we manage and optimise our finances. I know I could definitely do with the help.

Products

Product of the Day

New Products

• lindo - Describe your business and get everything you need, from landing pages to automated organic lead generation, with AI.

• Superflows - Open Source toolkit for building an AI product assistant. Let users control your product through chat. Increase product usage and delight your customers.

• PlainScribe - Whether it's extensive lectures, lengthy interviews, or extended conversations, our app transforms large files into perfect text with unmatched accuracy.

• Resume Worded - Designed by top recruiters, our AI-powered platform instantly gives you tailored feedback on your resume and LinkedIn profile. Land 5x more interviews, opportunities and job offers.

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A day in the life of AI

Every day, we will showcase a workflow or task designed to help you save time in your job or personal life. Becoming skilled at promoting can be a superpower, so the goal of this section is to help you improve in this area for both personal and professional growth.

Personal or Professional: Professional
Workflow/Task: Product Descriptions
Task time before AI: An hour
Task Time with AI: <1 minute

ChatGPT is highly skilled in writing product descriptions. Try this prompt:

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These images were created with Midjourney via the following prompt: Hong Kong skyline, an illuminated sign, in the style of marko manev, richard billingham, ethereal portraiture, tonalist color scheme, james paick, pensive stillness, dark aquamarine and cyan --ar 16:9 --style raw

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