Published Paper Details:

The growing complexity of personal financial planning, driven by factors like retirement planning, healthcare, and environmental issues, necessitates a more attentive approach from individuals managing their money. This, in turn, necessitates that the financial services industry adapt and grow. To do so, the personal finance industry could potentially leverage artificial intelligence (AI) tools. However, there is little consensus on whether or not those tools are appropriate given the challenges ahead. This paper explores these challenges and the potential role of AI in personal finance. Here's a revised version of the abstract that removes plagiarism and rephrases some sentences: The Need for Transformation in Personal Finance This paper explores the growing need for transformation in the personal finance industry. As societal challenges like retirement planning, healthcare evolution, and environmental concerns intensify, households require a more focused approach to managing their finances. This, in turn, necessitates a corresponding transformation within the industry. While there's been increasing discussion around utilizing artificial intelligence (AI) tools within personal finance, the suitability of these tools for addressing upcoming challenges remains unclear. This review of existing literature suggests that investment management is the area of personal finance where transformation is most needed, rather than loans, insurance, or payments. Furthermore, current advancements seem to be driven more by basic digitalization efforts than by AI implementation. Looking forward, the focus should shift towards exploring specific use cases and business models related to AI-powered investment products and the digitalization of their distribution channels.