Business Finance

Let this robot make important financial decisions for you and never look back

pefin

(FINANCE NEWS) The world’s first Artificial Intelligence financial advisor works to know who you are in an effort to help you make important financial decisions.

Computers versus humans

Do you ever have one of those days where you wonder how much longer the human race will continue because it seems that computers are capable of, just about, everything? Yeah, me too.

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I had one of those such days today after learning about Pefin, the world’s first AI (Artificial Intelligence) financial advisor. Once I read more about the system, the less worried I was about the whole idea of robots-taking-over-the-world.

What is Pefin?

In all seriousness, Pefin is designed to guide financial decisions at 1/20th the cost of a human advisor. Sounds like they’re off on the right foot in terms of financial decisions.

According to the company, “Pefin is the world’s first Artificial Intelligence (AI) financial advisor. We are a web-based platform that provides transparent, personalized financial advice using proprietary artificial intelligence technology – at your fingertips – 24/7. No meetings. No sales pitches.

We guide you step-by-step through financial decisions (like having kids, buying a home, saving for college, retirement), and, over time, learn and adapt to your unique spending and savings behavior.

The financial plans we create adapt and grow with you as your life, markets, and other factors change. We are currently in private beta, available over the web, and soon on iOS.”

While a computer, there is still a human touch

The system is designed to be powerful and easy to use, but with the touch of human intelligence. The technology is set to learn your priorities in order to guide you to the best decisions.

Pefin not only looks at big life decisions, like buying a home or retirement, but also at the smaller scale decisions. The goal is not only to help you save money, but financial decisions (of any size) are graphed against each other to see how they interact.

In addition, neural systems are used to stay on top of current markets, federal and state tax code, inflation, your area’s property taxes, mortgage, and insurance rates. Machine learning algorithms are also used to answer questions such as “When can I retire?”

Pefin is currently free while in beta.

The first 10,000 users who sign up have access for $6 per month for the first year, which is half off the regular price.

Pefin has the potential to be a beneficial asset to those just beginning to make financial decisions. Those who are already comfortable with their current financial situation may not need (or trust) a computer.

#Pefin

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  1. Pingback: What can we do about bias in AI? - The American Genius

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