How can Artificial Intelligence (AI) be used to better retirement outcomes?

September 5, 2023

Artificial Intelligence, better known as “AI”, has become a globally trending topic over the past few months as a solution to some of the day-to-day challenges faced by professionals, scholars, and individuals. Artificial Intelligence has already been part of our everyday lives through predictions in web searches, friend suggestions on Facebook, content recommendations on YouTube, and advert suggestions on social media platforms, just to list a few examples. By definition, Artificial Intelligence refers to the simulation of human intelligence in machines that are programmed to think and learn like humans to perform tasks that typically require human intelligence.AI is quickly gaining popularity in many other areas of business and life, as a tool to improve the way of doing things against the status quo. The ultimate goal of AI is to enable machines (websites, mobile applications, systems) to complete tasks without human interaction, enhance the efficiency of existing processes, and discover new insights from the data collected. In the not-so-distant future, there will be a higher dependence on AI to assist in making general life decisions – including financial decisions – on matters like insurance, retirement planning, investments, and debt management.