SAN FRANCISCO—A new study shows that consumers, particularly Millennials, see the value of artificial intelligence (AI) in assisting them with their finances.
The report by mobile banking app Varo Money reveals that consumers are eager to embrace the simplicity and convenience of remote banking and AI for managing their finances, Consumer Affairs reported.
“Millennials appear especially intrigued with AI's potential to help them budget. Eighty-five percent of Millennials believe AI can help them better manage their finances,” Consumer Affairs said, regarding the study results.
Fifty percent of consumers in the survey agreed that an AI assistant would be better than they are at creating a budget.
“Millennials understand how technologies like AI are going to fundamentally change our lives," Colin Walsh, co-founder and CEO of Varo Money, stated in the Consumer Affairs report. "We founded Varo for this digitally savvy generation.”