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September 21, 2023

Saeid Hejazi: Using Technology to Help People Achieve Financial Success

In today’s world, financial advice is just a Google (News - Alert) search away. Type “investment strategies” into the search bar, and you’ll get more than 600 million responses; if you type “get out of debt,” you’ll get nearly twice as many total results.

The problem with all of that advice, however, is that it is not personalized to each user. Google can provide you with an endless number of investment strategies, but none of them will be founded upon your unique financial profile. Likewise, it can lay out a plan for paying down your debt, but it can’t tell you how to adjust your particular budget to make that plan a reality.

WallyGPT is a technology that provides a different kind of solution to this approach. By combining the power of artificial intelligence with personal financial data, WallyGPT takes technology-driven financial advice to a new level. Those who use the AI-powered personal finance app gain access to insights that apply to their specific financial situation.

"Financial advice needs to be holistic and based on the user's comprehensive financial data," says Saeid Hejazi, founder of WallyGPT. "As an AI personal finance advisor, WallyGPT provides deeper insights and helps people research and make financial plans through conversations."

Leveraging the power of AI to provide financial advice

Recent advances in the field of generative AI have opened the door to a new world of computer-driven advising. Generative AI chatbots, such as ChatGPT, respond to any conceivable user inquiry in a way that feels natural and conversational. Rather than spitting out a list of pages that may contain insights, generative AI gives you an answer.

“The power and capabilities of ChatGPT have captivated the world,” Hejazi says. “Ask it to write you a blog post on any topic — from knitting to nuclear fusion — and you’ll have one generated in seconds. Ask it how to bake a carrot cake, and you’ll get a detailed recipe instantaneously. It even provides an Instacart plugin that will let you order the ingredients you need.”

ChatGPT brings incredible convenience and efficiency to the process of acquiring information. Nevertheless, when it comes to financial advice, a tool like ChatGPT is limited in the insights it can provide.

“Consider someone who is seeking advice on how to financially prepare for a wedding,” Hejazi offers. “If you asked ChatGPT or one of the other generative AI engines how much it would cost for a two-day wedding with 100 invited guests in Athens, Greece, and how to save for it, it would only be able to answer the first half of your question. It could tell you what the price tag (News - Alert) would be, but it couldn’t tell you how to come up with the funds.”

The problem, Hejazi explains, is that ChatGPT knows very little about you and your financial situation. It knows you are interested in a wedding in Greece, and that you would like to save for it rather than finance it, but it does not know the financial resources and limitations you have.

Empowering AI to provide personalized financial advice

“ChatGPT can’t take into consideration your unique financial picture,” Hejazi says. “It doesn’t know your income, how much you have in savings, the debt that you are carrying, or your spending patterns. Any advice ChatGPT provides, whether it is related to paying off debt, planning for retirement, shopping for insurance, or investing in the stock market, will suffer from the same limitation.”

WallyGPT does away with those limitations because it formulates its insights based on the user’s actual financial data.

“By providing WallyGPT with access to your personal financial data — something that over 200 million people in the US have already done as part of their interaction with other fintech services — you allow it to provide you insights based on your unique context,” Hejazi explains. “WallyGPT can give you a complete answer to your question about the wedding in Greece or any other financial issue you find yourself facing. Because it knows your income, savings, debt, and spending patterns, it can advise you on the optimal way to pay off debts, prepare for retirement, address your insurance needs, and a variety of other financial challenges.”

Here are some of the ways that WallyGPT is already helping users:

  • Uncovering empowering insights on spending patterns complete with benchmarking based on those in similar financial situations.
    Providing personalized recommendations for restaurants that fit your budget and tastes.
  • Researching and developing personalized strategies for retirement planning, wedding planning, debt repayment, and other financial goals.
  • Providing personalized recommendations for credit cards and insurance products.

Financial experts point to a lack of financial literacy as one of the main barriers to financial success. WallyGPT is the future of financial literacy.

It puts personalized, contextualized, and up-to-date financial insights in the palm of your hand. With WallyGPT, anyone can gain access to the type of personalized financial advice that empowers them to achieve the financial success they have always dreamed of.

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