Chuin Ting Weber, CEO and CIO of MoneyOwl, said one of generative AI’s strengths lies in sifting through vast amounts of data and calculations to quickly churn out research.

Added to that is the ability to convey findings in a human-like manner, including asking follow-up questions. This can make the process feel like it’s what a user needs, regardless of its accuracy.

She also flagged the risk of confirmation bias, noting how generative AI models’ reliance on publicly available information can lead to them reinforcing popular or dominant views, citing media reports which posited a link between ChatGPT amplifying “meme stocks” popular on the Reddit forum and the latest rally for such viral stocks.

Comparing investment advice from ChatGPT with that of Ms Weber – Ms Weber emphasized personalized financial planning by asking about the user’s goals, risk appetite, and habits—something ChatGPT missed.