More and more companies are starting to develope financial AI assistants to end-costumers

GenAI assistants offer the potential for more affordable, efficient, and personalised financial assistance potentially enhancing financial literacy and inclusion. However, they also come with risks such as increased dependence on complex models, that may produce errors, carry biases or compromise data. Regulators advise maintaining human oversight, documenting AI processes, and treating every AI output as regulated advice. The ideal scenario is where GenAI manages data processing and provides subtle guidance while qualified human advisers deliver judgement, and maintain accountability.

Here are some of the latest companies that are building GenAI financial assistants:

• Revolut is beta-testing an in-app coach that surfaces spending insights and goal reminders, with executives saying it will “go live shortly” [14]

• Robinhood is preparing Cortex, an AI investment sidekick for Gold subscribers, offering real-time market digests and idea screening alongside its coming banking features [15]

• Intuit has unveiled Intuit Assist, a GenAI helper inside TurboTax, Credit Karma and QuickBooks that can draft invoices, analyse cash-flow and answer “explain like I am five” money questions [16]

• JPMorgan Chase trademarked IndexGPT and confirmed it is building a ChatGPT-style service that will pick securities for retail clients [17]

• NatWest Group is turning its long-running chatbot into Cora+, powered by OpenAI, to handle richer queries and proactive fraud alerts for UK customers [18]

• Mastercard has launched a GenAI onboarding assistant for merchants and signalled that more customer-facing “knowledge agents” will follow [19]

• Goldman Sachs rolled out the GS AI Assistant to about ten-thousand employees and plans to evolve it into a client-facing copilot that can summarise research and draft advice [20]

• Citigroup won a Pega Innovation Award for its generative CitiService Agent Assist and is expanding the technology from staff to corporate-bank clients next year [21]

• Morgan Stanley already gives advisers a GPT-4-powered assistant with ninety-eight percent daily usage, and management says a client-facing version is on the roadmap [22]

1. Consumer outcomes

• Lower cost of advice: Chat windows now handle the bread-and-butter questions such as, “Should I refinance”, “How much can I invest” and “What happens if markets fall”, which reduces service costs and allows banks to reach people who previously couldn’t afford guidance.

• Hyper-personalisation: Because the bot can read transactions, and portfolios in real time it can instantly provide budgets tax-loss ideas or debt-pay-down plans.

• Improved financial literacy: Simple, easy-to-understand explanations help demystify concepts like sequence-of-returns risk. A Financial Times case study on retirement demonstrates that clients arrive at meetings more prepared [13].

2. Market structure and business models

• Major players like JPMorgan with IndexGPT and Citi with its AI Suite are investing substantial budgets in developing proprietary models to secure customer loyalty [4][5].

• Fee compression, bigger addressable market: Automated triage means advisers cover more clients so the average fee drops but total revenue can still rise, Morgan Stanley says ninety-eight per cent of adviser teams tap the tool every day freeing time for the stuff that matters [1][2]

3. Risk and regulatory lens

• Hallucinations and suitability errors: Bots can quote the wrong tax rule or steer a user into a bad portfolio. FINRA reminds firms suitability and best-interest rules still apply and every GenAI answer must be supervised like a junior’s memo [7]

• Data privacy and model leakage: Assistants need spending and location data, that opens new attack routes. A 2025 GAO report flags much tougher governance expectations for banks and their vendors [9]

• Bias and fairness: Old-world lending bias can slip into the training set. The CFPB notes the Equal Credit Opportunity Act still demands clear reasons for credit denials, no special pass for AI [10]

4. Societal and macro effects

• Financial inclusion: Chat advice in multiple languages and voice form lets under-banked users avoid branch trips, lining up with the 2024 GFIN findings on inclusive AI [11]

• Behaviour-driven stability or instabilityWhen millions receive the same signal herding can spike, yet automated rebalancing and clearer risk coaching can also dampen panic, the Financial Stability Board sees both paths [12].

• Skills shift in advisory work: Routine number-crunching moves to machines, while humans lean harder on empathy big-picture estate work, and behavioural coaching. Universities are already sneaking prompt engineering and AI oversight into CFP courses [12]

Reference list

[1] Morgan Stanley uses AI evals to shape the future of financial services, OpenAI Newsroom, May 2024.

[2] Launch of “AI @ Morgan Stanley” Debrief, Morgan Stanley press release, Oct 2024.

[3] Holiday shopping season drove a record $241.4 billion, traffic from generative-AI chat bots up 1,300 percent, Adobe News, Jan 2025.

[4] JPMorgan readying launch of ChatGPT-like investment tool, ThinkAdvisor, May 2023.

[5] Citi’s AI Solution Wins Innovation Award for Elevating Client Service, Citigroup press release, Jun 2025.

[6] Apple Intelligence gets even more powerful with new capabilities across Apple devices, Apple Newsroom, Jun 2025.

[7] Regulatory Notice 24-09: FINRA Reminds Members of Regulatory Obligations When Using Generative Artificial Intelligence, FINRA, Jun 2024.

[8] 2025 FINRA Annual Regulatory Oversight Report, FINRA, Jan 2025.

[9] Artificial Intelligence: Use and Oversight in Financial Services, US GAO Report GAO-25-107197, Apr 2025.

[10] CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence, CFPB, Sept 2023.

[11] Key insights on the use of consumer-facing AI in global financial services, GFIN AI Project Report, Jan 2025.

[12] The Financial Stability Implications of Artificial Intelligence, Financial Stability Board, Nov 2024.

[13] Planning your retirement? ChatGPT can help with that, Financial Times, Jun 2025.

[14] Revolut Plans to Launch AI Assistant for Consumers’ Financial Decision-Making, PYMNTS, 17 Jun 2025.

[15] Robinhood Unveils New Suite of Financial Tools at “The Lost City of Gold” Event, Neobanque blog, 27 Mar 2025.

[16] Intuit Launches AI-Powered Intuit Assist for QuickBooks, Giving Millions of Businesses a Competitive Edge, Intuit press release, 28 Sep 2024.

[17] JPMorgan applies for patent on ChatGPT-like tech for investment advice, BankingDive, 26 May 2023.

[18] NatWest launches Cora+, the latest generative AI upgrade to the bank’s digital assistant, NatWest Group press release, 11 Jun 2024.

[19] Mastercard launches new gen AI digital assistant capabilities to enhance customer value, Mastercard Newsroom, 29 Oct 2024.

[20] Goldman Debuts in-House AI That’s “Like Talking to an Employee”, PYMNTS, 21 Jan 2025.

[21] Citi’s AI Solution Wins Innovation Award for Elevating Client Service, Citigroup press release, 3 Jun 2025.

[22] Morgan Stanley uses AI evals to shape the future of financial services, OpenAI Stories, 2024.