Why artificial intelligence could soon be managing our finances

Artificial intelligence (AI) is slowly becoming a bigger part of our lives, including our personal finances. Over the past few years its importance has grown behind the scenes, where AI is deployed in administration and even fraud detection. Dominic Baliszewski, director of consumer strategy at financial wellbeing company Momentum UK, says: "It is already used in a number of sectors, from banking and advisory to mortgages and pensions, and in many cases, it's led to a quicker, more streamlined customer experience, while easing employee workloads." RBS, for example, has rolled out a virtual assistant called Luvo for call centre staff: when a customer asks a question, the staff member can ask Luvo. In the past year, however, its presence has moved from the back office to the front line, and we have started to see AI serving customers.