Oh, ye brave intrepid adventurers trodding through the frontier, trod on. Carve your way into uncharted territory, knowing not what lies beyond the bend. The rest of us will wait. I’m guessing the rest of us are going to be quite content doing so.
News popped today that OpenAI wants users of ChatGPT to provide access to their bank accounts and other financial data.
Read that again.
The chatbot that’s famous for telling us it might make a mistake, and delivering on that promise, wants users to turn over access to their banking accounts to help them better understand their finances.
The article from The Verge I saw pop across my feeds begins its lede with “Your trust in AI is about to be put to the test.” It could have just as easily said, “OpenAI is looking for suckers.”
I’m not going to get into the whys and wherefores of the tech behind this. The article linked above gives you some of that info. TechCrunch has another if you care to look. There does seem to be a list of well known financial institutions that are willing to let there customers connect to the service including Schwab, Fidelity, Chase, Robinhood, American Express, and Capital One. Apparently there are over 12,000.
Quoting from the TechCrunch article:
With the new financial tool integration, users can get detailed answers to questions such as “I feel like I’ve been spending more recently. Has anything changed?” or “Help me build a plan to be ready to buy a house in my area in the next 5 years.”
Tell me you didn’t read that and immediately think that the minute a user enters that prompt they will immediately start receiving offers from those 12,000 financial institutions. That’s where this is headed. And as far as the history of the Internet is concerned, AI or not, that’s what it’s all turned into.
The reality is that just like with the health data that OpenAI also wants, whether users turn this type of info over or not, the data is going to be delivered to some data center at some point. Don’t think the three credit bureaus aren’t just waiting for the right offer to turn over your data, much the same way insurance companies are with your health data. Users donating their data will just provide another point of triangulation, and a more direct access to their inboxes.
If you ask me, this is just another exercise taking advantage of human curiosity and gullibility and turning that into more vectors to sell, sell, sell.
If those willing to head out into this new frontier of finance are willing to take that gamble, I say go for it. Let us know what you find.
My hunch it won’t be anything new.
(Image from OpenAI)
You can also find more of my writings on a variety of topics on Medium at this link, including in the publications Ellemeno and Rome. I can also be found on social media under my name as above. This site does not use affilate links.
Life on the Wicked Stage: Act 3 