Visa has announced that it is looking to launch an AI financial assistant that banks and financial institutions can add to the services on their banking apps.
The company said it will make the new assistant available for financial institutions in the US available for pilot in August, and will follow up with a global rollout afterwards.
“Consumers are already turning to AI for financial advice – but banks have the full financial picture, can act on it, and are among the most trusted institutions consumers rely on,” said Michele Herron, senior vice president and head of North America value-added services at Visa.
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“AI Financial Assistant brings those strengths together, combining personalised insights based on a consumer’s own data and pairing it with the ability to act, all right within their bank’s app. By simply turning on this service, banks can strengthen relationships with their customers and transform from a passive ledger to a generative AI-enabled financial hub.”
The move follows already established trends as an increasing number of people turn to AI for financial advice. According to Visa, 66 per cent of surveyed people in the US said they used generative AI for financial advice.
Visa beaten to the punch by AI giants
However, banks remain the most trusted institutions when it comes to personal data safety. Despite concerns about data safety, 85 per cent said they would share even more data with their bank if there was a distinct AI value proposition.
Visa is not the first to launch an AI financial assistant. OpenAI announced in May that it would launch a new “personal finance experience” that will allow users to monitor spending and get suggestions on how to save.
“Now you can securely connect your financial accounts, see a dashboard of where your money is going, and ask ChatGPT questions grounded in your financial context – all while staying in control of your data. We’re starting with a preview to a smaller group so we can learn from real-world use, improve the experience, and expand thoughtfully,” OpenAI said.
OpenAI said that 200 million people already use ChatGPT for financial advice, budgeting and more, and that ChatGPT 5.5’s capabilities, combined with bank account connection, mean that ChatGPT can now provide real personal financial assistance.
“With your financial accounts connected, ChatGPT can combine that reasoning with your real financial context and what you’ve shared about your goals, lifestyle, and priorities, helping you spot patterns, understand tradeoffs, and plan for big decisions in a way that feels more personal and complete,” it said.
The service works by linking bank accounts using Plaid. The new service will then present a dashboard that shows spending, portfolio performance, subscriptions, upcoming bills and payments and more. However, Cyber Daily discovered that Plaid disclosed a years-long cyber incident impacting user details just as the partnership was launched.
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Daniel Croft
Born in the heart of Western Sydney, Daniel Croft is a passionate journalist with an understanding for and experience writing in the technology space. Having studied at Macquarie University, he joined Momentum Media in 2022, writing across a number of publications including Australian Aviation, Cyber Security Connect and Defence Connect. Outside of writing, Daniel has a keen interest in music, and spends his time playing in bands around Sydney.