The Use of AI in Financial Planning

The concept of artificial intelligence (AI), described as the development of computer systems capable of performing tasks which, in general, require human intelligence, arose more than 60 years ago.However, this technology did not reach the field of financial services until the early 1980s.It had limited implementation and use at that time due to the state of the technology and power of computer systems. But in recent years there has been significant growth in injecting AI into the financial planning process. In the early 1980s, for example, the Citibank Investment Bank attempted to build expert systems, using artificial intelligence that imitated the decision-makingpower of a human expert. And Citibank was not the only one, many other Wall Street companies launched similar projects at that time. And in 1987, the Security Pacific National Bank launched a Fraud Prevention Task Force to automatically counter, through the use of artificial intelligence, unauthorized use of debit cards at ATMs and stores.