Together we turn Uncertainty into Action: Understanding the Role of Artificial Intelligence in Supporting the Financial Concerns of Older Adults

Choi, Yubin; Choi, Dasom; Hong, Hwajung

doi:10.1145/3584931.3607018

Cited by 1 publication

(2 citation statements)

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“…This example underscores the broader implications of AI in financial planning, where the automation of analytical tasks can lead to more informed and strategic financial decisions. Choi, Choi, and Hong (2023) delve into AI's nuanced role in addressing older adults' financial concerns, highlighting AI's potential to enhance financial self-efficacy among this demographic. This study points to the personalized nature of AI applications, which can tailor financial advice and planning to individual needs, thereby enhancing the overall efficacy of financial planning processes.…”

Section: Discussion Of the Study Analyzing The Impact Of Ai On Financ...mentioning

confidence: 99%

“…Moreover, the application of AI in financial planning raises questions about the accessibility and inclusivity of these technologies. Choi, Choi, and Hong's (2023) work on older adults' financial concerns suggests that while AI has the potential to significantly benefit this demographic, there remains a gap in the design and deployment of AI tools that cater to their specific needs. In addressing behavioral biases, Hasan et al (2023) highlight a critical area where AI can augment human expertise in financial planning.…”

Section: Discussion Of the Study Analyzing The Impact Of Ai On Financ...mentioning

confidence: 99%

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Transforming Financial Planning With Ai-Driven Analysis: A Review and Application Insights

Lawrence Damilare Oyeniyi,

Chinonye Esther Ugochukwu,

Noluthando Zamanjomane Mhlongo

2024

Financ. account. res. j.

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In the ever-evolving tapestry of financial planning, the integration of Artificial Intelligence (AI) emerges as a pivotal force, redefining the contours of strategic decision-making and operational efficiency. This paper delves into the historical progression, current implementations, and the multifaceted impact of AI within the financial planning sphere, aiming to unravel the complexities and transformative potential of AI technologies. Through a rigorous examination of peer-reviewed literature and empirical studies, the research meticulously maps the trajectory of AI's integration in finance, from its nascent stages to its current stature as a cornerstone of financial innovation. The study's methodology, rooted in qualitative analysis, systematically explores the enhancements AI brings to financial decision-making, the challenges it poses, including ethical considerations and regulatory compliance, and the qualitative shifts in financial strategies engendered by AI adoption. The findings illuminate AI's dual role as both a catalyst for unprecedented efficiency and a harbinger of new challenges, underscoring the need for a balanced approach to its integration. Conclusively, the paper advocates for a harmonious blend of innovation and ethical stewardship, recommending that financial institutions embrace AI's potential while rigorously addressing its challenges through continuous learning, adaptability, and ethical vigilance. The recommendations aim to guide stakeholders through the labyrinth of AI integration, ensuring that financial planning becomes more efficient and strategic and remains equitable and transparent. This study serves as a beacon for future exploration, offering insights into navigating the complexities of AI-driven financial planning. Keywords: Artificial Intelligence, Financial Planning, Strategic Decision-Making, Ethical Considerations, Regulatory Compliance, Technological Innovation.

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Section: Discussion Of the Study Analyzing The Impact Of Ai On Financ...mentioning

confidence: 99%

Section: Discussion Of the Study Analyzing The Impact Of Ai On Financ...mentioning

confidence: 99%

Transforming Financial Planning With Ai-Driven Analysis: A Review and Application Insights

Lawrence Damilare Oyeniyi,

Chinonye Esther Ugochukwu,

Noluthando Zamanjomane Mhlongo

2024

Financ. account. res. j.

View full text Add to dashboard Cite

show abstract

Together we turn Uncertainty into Action: Understanding the Role of Artificial Intelligence in Supporting the Financial Concerns of Older Adults

Cited by 1 publication

References 23 publications

Transforming Financial Planning With Ai-Driven Analysis: A Review and Application Insights

Transforming Financial Planning With Ai-Driven Analysis: A Review and Application Insights

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