Introduction
A hot topic in today’s society and economy is defined by two letters: AI. AI, or artificial intelligence, has become one of the latest buzzwords, and litters the list of some of the words that are expected to shape the year of 2025 (Emerson). With how popular AI has been and is expected to continue to be, it is only natural for it to be incorporated into people’s daily use, particularly when it makes actions easier like it does in personal finance.
Applications
AI itself has been around since the 1950s, with a slow progression into everyday lives over its existence, such as Apple’s SIRI and Amazon’s Alexa. However, after the emergence of OpenAI’s ChatGPT in 2022, the concept of AI has become a more common societal norm (Illinois Central College). Numerous mainstream applications have been identified and followed through on already, ranging from the education sector with personalized educational platforms, to the infamous concept of the self-driving car for all (California Miramar University). However, not only is AI being deployed for the public, but is also being harnessed by businesses to become more efficient than ever before. The application of AI in the corporate world has a long term opportunity to add $4.4 trillion in growth potential (Mayer et al.). In a state of AI report, generative AI was reported to be utilized in more than ten corporate functions, including IT, supply chain, marketing, and product development (McKinsey & Company). With its prevalence in both of the private and public worlds, the growth of AI appears inevitable, yet its success is contingent upon one thing: its acceptance.
Acceptance
AI has seen itself applied in spaces where it now directly interacts with consumers and the general population, not just within companies. AI agents, which autonomously complete tasks based on input given to them using data they already have access to (AWS). With this, it has become much easier for AI to be independent and more interactive with the average user. However, with greater use comes greater awareness, which has become more prevalent in recent years. As AI had been viewed for years as a means through which the human race would be propelled into the future (a possibility it still holds), the more it has grown, the more pessimistic people have become. About 90% of American adults had at least of AI in 2023, and an annual survey from 2021 to 2023 found as time went on and people became more educated on it, excitement surrounding AI consistently decreased while concern consistently increased (Faverio and Tyson). Furthermore, the majority of consumers who were questioned about their interactions with AI assistants felt frustrated with the interactions, and even considered switching to competing companies if they felt AI assistants continued to be forced upon them, such as on customer service calls (Schwartz). These instances create this contrasting situation, where the applications of AI are monumental, yet when implemented, do not always see a great response. This difference creates a gap that must be filled by companies for both themselves and consumers, creating a level of understanding between the two parties.
Lucrisma
By joining Lucrisma, users will gain access to Lucrisma’s own AI financial assistant. When you join Lucrisma, your financial data (assets, credit scores, tax forms, etc.), still secure, becomes readily available to the Lucrisma AI assistant. You will be able to ask the assistant questions about your recent transactions or balances, have it set up a schedule for you to make payments, create alerts to monitor changes in your finances, and even initiate and complete transactions and loans. As artificial intelligence continues to be more integrated into the financial world, options such as Lucrisma become even more convenient in your daily personal finance management and your long term achievement of financial goals.