Open Access Letter

Transforming personal finance thanks to artificial intelligence: myth or reality?

by Edouard Augustin Ribes a,*
Mines Paristech, Cerna, Paris, France
Author to whom correspondence should be addressed.
FEL  2023, 7; 2(1), 7;
Received: 17 March 2023 / Accepted: 1 April 2023 / Published Online: 4 April 2023


Current societal challenges related to retirement planning, healthcare systems’ evolution and environmental changes require households to pay a closer attention to their personal finances. This in turns calls for the associated industry to transform and scale. To do so, the personal finance industry could potentially leverage artificial intelligence tools for which there has been increasing levels of chatter. However, there is, to my knowledge, little consensus on whether or not those tools are appropriate given the challenges ahead. The literature review at the heart of this article first suggests that the stream of personal finance where transformation is more than needed is the one pertaining to investments, rather than the ones associated to loans, insurances or payments. Second, the productivity levers fueling the transformation of this branch are yet more driven, as of today, by simple digitalization notions rather by the usage of A.I. instruments. Over the next couple of years, more attention should thus be paid to use/business cases associated to investment products and the digitalization of their distribution chain.

Copyright: © 2023 by Ribes. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

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ACS Style
Ribes, E. A. Transforming personal finance thanks to artificial intelligence: myth or reality?. Financial Economics Letters, 2023, 2, 7.
AMA Style
Ribes E A. Transforming personal finance thanks to artificial intelligence: myth or reality?. Financial Economics Letters; 2023, 2(1):7.
Chicago/Turabian Style
Ribes, Edouard A. 2023. "Transforming personal finance thanks to artificial intelligence: myth or reality?" Financial Economics Letters 2, no.1:7.
APA style
Ribes, E. A. (2023). Transforming personal finance thanks to artificial intelligence: myth or reality?. Financial Economics Letters, 2(1), 7.

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